5 Top Excuses for Not Planning for Retirement

6:51 pm Retirement Planning

surprise e1315854997815 5 Top Excuses for Not Planning for RetirementPlanning for retirement entails saving for retirement…and too many of us have plenty of excuses why we’re not doing either.  Here are some top excuses for not saving for retirement:

College expenses.  Paying for your children’s – or even grandchildren’s – college education is a noble goal, but only if you have enough already socked away for retirement.  College loans are obtainable; retirement loans are not.

Early mortality.  Some people figure that since their parents may have died young, they will too, so no need to save as much for retirement.  But medical advances and better health overall for many Americans make dying young a poor way to plan.

Social Security. Many believe they can live on Social Security alone, but the average monthly Social Security benefit today is only $1,262 – not much to live on in today’s economy.

Stay employed. While more of us are working longer, there is no guarantee that your health or the job market will support your desire to stay employed once you reach retirement age.

Current expenses.  Many of us suffer from overextended finances and put off saving for retirement to meet today’s needs.  Cutting back and sticking to a budget may mean the difference between a manageable or meager retirement.

If you are through making excuses and ready to plan your retirement, contact our Costa Mesa law firm.

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