Updated: Nov 9, 2021
After 18 years of business, we’ve heard it all. If you’ve been putting off retirement contributions or ignoring financial responsibilities like paying off your debts, you might be using one of these excuses.
Below we’ll be debunking our top 12 retirement planning excuses.
1. "I’m Too Busy"
Some people are too busy procrastinating to plan for their financial future. It’s important to order your priorities correctly. It’s no doubt whatever you’re busy with is important, but so is your retirement. Your future self will thank you.
2. "I’m too young"
No such thing. In fact, being young can enhance your ability to prepare for retirement in many ways, the most obvious of which being that you have more time to save. Don’t let your advantage be a reason to procrastinate though. Youth fades, it can become a missed opportunity.
3. "I’m too old"
Your retirement and financial wellbeing is never a lost cause. Ignoring the issue won’t fix anything. Some planning may even help your position, whether that be through tax advantages or in another way.
4. "I don’t have to"
Nobody has to do anything, right? It’s like the old adage about leading a horse to water. It’s not a matter of have to, it’s a matter of what we should do.
5. "I don’t have enough money to start"
Many people start small. Consistently saving is one of the best ways to grow.
6. "I don’t understand where to put my money"
A licensed financial professional can help you properly answer that question based on your unique needs.
7. "I don’t understand how my money will be taxed down the road"
A licensed financial professional can help you properly answer that question and tailor a plan to keep you from paying unnecessary taxes.
8. "My savings and 401k will do fine, No planning needed"
There is so much more to consider. Aimlessly tossing money at your retirement won’t ensure success. Should there be other taxed advantaged places you can take money out of in retirement?
9. "My finances are in a mess"
That’s ok. Helping people make sense of their finances is one of the most important things a financial advisor can do.
10. "The government will take care of me"
11. "I don’t want to think about it"
The satisfaction and security that a plan brings can be worth it. Isn’t it worth speaking with a licensed professional who can help relieve that discomfort? Life goes fast, someday you’ll
wake up at 60 and you’ll have 5 years left and you’ll HAVE to start thinking about it.
12. "I don’t know what I’m doing"
That’s why a licensed financial advisor with experience in financial services is a valuable resource. Most people who know everything about financial planning are financial advisors.
Are you a procrastinator or do you have family members that use one or more of the excuses above? Have a conversation with them. Friends don’t let friends go without a retirement plan.