So, what’s your view on your retirement years?
There are a lot of myths about aging. A big myth is that older people are lonely, depressed, and discouraged. This is not the reality. A study was done and they found older people reported just as many positive emotions as younger people, but far fewer negative emotions. I can tell you based on my experience that a great majority of clients I work with enjoy retirement and are having a ball.
Part of the reason people don’t save as much as they need to for retirement is the negative perception they have about old age. Research has found that people who look forward to these years are more likely to save. We ask 5 year olds what they want to be when they grow up, teens which college they want to go to, and young adults when they’ll get married. But we ask few questions about our lives at 70, 80, or 90. Many of my clients are enjoying the last third of their life.
There have been commercials where a financial services company shows a young person having a conversation with their older self. Experiments have shown that people who can make an emotional connection to their future self save more. People who were shown pictures of how they would look in their 60’s saved twice as much for retirement versus those who didn’t see an image of their future self.
Getting older is not a scary thing. Plan ahead. Take care of your future self, make sure you save enough and ratchet up your savings. Your future self will thank you. Listen to my full podcast here:
If you’d like help reviewing your investment strategies and saving for retirement, please contact Casey Boland via email [email protected]or 513-598-5120.
Date Posted: 10/13/2016 Advice provided in this article is meant for educational purposes only and financial education is important to us. Before making decisions regarding your personal financial situation, please consult an advisor or conduct your own due diligence. If you would like to discuss your Retirement Income Plan with an HCM Wealth Advisor, please give us a call – 513-598-5120. Located in Cincinnati, Ohio, we serve clients in 28 states, and we’d love to help.