Everyone agrees that planning for retirement is important—so why do so many of us choose to avoid the issue year after year? The first step can be as simple as picking up the phone, yet we wait. I’ll answer my opening question with another question: Why do people put off going to the gym? Similar excuses can be offered for both. I don’t have the time. I don’t have enough money to commit right now. I’ll get around to it this summer. Procrastination is definitely part of the problem, possibly resulting from the stress that we associate with these activities. Perhaps a bit of pride gets in the way as well; we feel like we could tackle the issue in our spare time … if we had the chance. Not surprisingly, the results of this way of thinking can be disastrous. According to a recent survey by the American Institute of Certified Public Accountants (AICPA), retirement is out of reach for nearly 40 percent of working Americans.
So how do we get past our hang-ups and actually follow-through on what we know is in our own best interest? The best option in my opinion is to ask for guidance. In the gym, you turn to a personal trainer, someone who can help you reach your fitness goals. When it comes to retirement, why not consult a professional who understands the process of developing financial roadmaps? In the gym, the issue may not be whether or not you know how to operate a treadmill but, rather, how do you best utilize your time to efficiently achieve your fitness objectives? Similarly, in the retirement arena, most people understand that the main goal is to save for retirement however they may need the extra guidance that comes from working with a professional in order to achieve their desired goals and dreams.
Whether you are working out or working out your financial future, there are two great motivators that will drive you to act: fear and desire. If you are concerned deeply enough about your health, your concerns may be enough to “scare” you into getting in shape. Likewise, witnessing the money woes of family members or friends who have reached their “golden years” unprepared might cause you to rethink the amount of money you contribute to a retirement plan. The desire to maintain your health and fitness or likewise to maintain a certain standard of living may be so compelling that it cannot be ignored.
More often than not, however, these goals (and the benefits derived from reaching them) seem very far away. The fear or desire is minimized because the prize cannot yet be visualized … it is hard to imagine. In these cases, having a professional available to provide support or motivation can prove invaluable. If you have any doubt that the extra help is necessary, consider this – more than one-half of those who responded to the AICPA survey did not know how much money they would need to save in order to retire. This gives us all something to reflect on as we strive to achieve our long-term goals, be they physical or fiscal in nature. If nothing else, it’s always a good idea to have somebody spot you.
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