3 Excuses to not save for Retirement

Almost all of us are guilty of procrastination yet what might turn out to haunt in our old age is the fact that we put off the important task of saving for retirement.

With money getting tight as some of us move from paycheck to paycheck, we tend to make excuses that keep us from leading a life of financial security in our old age.

So here are three excuses that people use to put off saving for retirement:

#1: Earn way too little money

When you earn too little, every dollar counts but it doesn’t hurt investing a small amount and increase it gradually as your paycheck also increases as well. Just remember that if you start early, you won’t have to invest so much later on, and that will make it easier for you. Even if it only is a few dollars every month.

#2: Retirement is decades away

With some people struggling to make it past another day financially, this might also be a reason why it becomes difficult to focus on retirement which is several years away. However, if you decide to save early, then you won’t have to invest so much as you grow older. That makes it easier for you as the years pass by as you reach retirement. So starting early is a good idea no matter what the current demands are.

#3: Paying debt off first

For some people who have personal loans or high-interest credit card debt, investing for retirement might seem like a stretch. However, if you have a student or mortgage loan or even low-interest debt, then you should reconsider your strategy. Since saving for retirement will prevent taxes, then it’s a good idea to invest in retirement.