Retired Lament: Why you won’t be able to retire on time

For those who have retirement on the brain, you can tune out at this moment, because you’re undoubtedly well on your way to getting the funds set aside to call it quits on your terms. You have a retirement plan, and you’re following it to a tee, but sadly you’re in the minority for the most part when it comes to saving money for the day you stop working.

The rest of us have retirement on our minds, but hardly at the forefront. We want badly to have the right amount of money so we don’t have to work into our late 60s or early 70s. Our bad habits when it comes to money tend to hold us back, however.

For starters, you know retirement is important. That doesn’t keep you from spending money all too freely as a result, and you’re not so much concerned with the future as you are with present day and that means you might be inclined to buy too much house or a brand new car when a used when could save you thousands.

And then, you have those who just aren’t paying any attention to their retirement whatsoever. They don’t get involved in the company 401K, even if their employer employs a company match. If there’s nothing offered by the company, this group still doesn’t look into a retirement plan on their own or invest in an IRA to boot.

What often is overlooked when you aren’t able to save for retirement is the thought that you can’t put money aside because you have to much invested already: into debt, that is. Having too much debt means you’ll be paying on it for quite some time, and those monthly payments, particularly if you have more than just a few, are going to take away from money you could be saving and putting toward retirement.

Finally, you have to really take a long, hard look at your retirement and determine what is realistic to the point that you know when you can retire and how much you’ll need money saved wise to be able to live comfortably for more than just a few years. Often retirement numbers and goals get bloated due to the masses wanting to have a plethora of cash to travel or spend as they see fit, and don’t do it in a way that makes the most sense as far as how they’ve saved and spend for the 30 years they’ve been working.

Retiring will never be viewed under the same light as everyone, but discounting its importance is just plain silly.