10 Reasons to Put Off Saving for Retirement

From the IRS (yes, this is tongue-in-cheek):

You hear it everywhere. “Plan to retire? Choose to save!” “Pay yourself first; write check #1 each month to savings.” It’s in the media, your friends and family remind you that saving for retirement is important and that nagging little voice keeps telling you to get busy, too. What’s a person to do? You need a list of solid reasons to put off saving for retirement. Here it is!

1. There are so many important things I need that money for NOW. An extra dinner out this
week with the family. That hot outfit I need to impress that certain someone. That fancy pair of
sneakers that make the whiz bang noise with each step. A weekend trip to Bora Bora.

2. There’ll always be time to save later. I’m just not quite ready to start. Never do today what you can put off until tomorrow.

3. Maybe I won’t live long enough to retire. Life is so uncertain. Why should I miss out on the
high life now when I might not even need to have money put aside for my old age?

4. I love a challenge. Like working into my 70’s or 80’s or 90’s because I don’t have the money not to. Like paying for food and housing and medical care on Social Security payments alone.

5. I don’t know how to begin. There are so many ways to go about saving for retirement that I need more time to think about it. After all there’s the retirement savings plan at work and IRAs and even investing in things like real estate. I just don’t know where to start.

6. All that talk about 401(k)’s and IRAs and the time value of money is very confusing. I like
a simple life. Let’s focus on the here and now.

7. I don’t know how much I need for retirement. But I bet it’s a huge number. (Or “I know how much I need to retire and I don’t think I can do it. So I won’t do anything.”)

8. Planning for retirement is such a big undertaking. I don’t think I can save as much as I know I should, so I just won’t start saving at all.

9. I might get lucky. You never know. I may win the Lottery. Or I may be remembered in the will of a long lost relative. Or they might find that my house is right in the middle of a diamond field.

10. Taking care of me financially will provide wonderful character-building opportunities for my children. And so many chances for me to feel warm gratitude toward them.

If none of these reasons work for you, then take care of yourself and visit the IRS's Retirement Plans web page at www.irs.gov/ep for more information on how to save for retirement.