One mental trick that can motivate you to save more money for retirement

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One mental trick that can motivate you to save more money for retirement


Even though it isn’t difficult to set up an IRA or 401(k), committing to regular contributions can feel hard.
About half (52%) of Americans say they are behind where they should be when it comes to retirement savings, according to a 2019 Bankrate survey.
Our inability or unwillingness to picture our own retirement can make it even trickier to save.
Both groups were then asked how much money they would save for retirement.
As the 2011 study put it, if you don’t feel connected to your future self,
One mental trick that can motivate you to save more money for retirement Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: aditi shrikant
Keywords: news, cnbc, companies, mental, save, motivate, study, trick, retirement, half, self, research, money, saving, older, shown, savings


One mental trick that can motivate you to save more money for retirement

Even though it isn’t difficult to set up an IRA or 401(k), committing to regular contributions can feel hard. About half (52%) of Americans say they are behind where they should be when it comes to retirement savings, according to a 2019 Bankrate survey. And 38% have never had a retirement account.

Our inability or unwillingness to picture our own retirement can make it even trickier to save. But research has shown that picturing our future is a strong savings motivator.

Getting older is “going to happen. Invest accordingly,” Joshua Brown, CEO of investment advisory firm Ritholtz Wealth Management, said in a recent Instagram post showing a reunion of the (now older) models in the Distracted Boyfriend meme.

Brown pointed to the results of a 2011 study published in the Journal of Marketing Research, in which half of participants were shown a digital rendering of their face at age 70. The other half were shown a picture of their current self. Both groups were then asked how much money they would save for retirement.

“The people who had seen themselves as older men and women ended up saving and investing more than the others,” Brown wrote in his Instagram post. As the 2011 study put it, if you don’t feel connected to your future self, saving feels like a “choice between spending money today or giving it to a stranger years from now.”


Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: aditi shrikant
Keywords: news, cnbc, companies, mental, save, motivate, study, trick, retirement, half, self, research, money, saving, older, shown, savings


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By | 2020-01-15T02:01:21+00:00 January 15th, 2020|companies, news, Uncategorized|0 Comments

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