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Which Excuses Are You Using to Delay Saving for Retirement?

Which Excuses Are You Using to Delay Saving for Retirement?Planning for retirement entails saving for retirement, and too many of us have plenty of excuses why we’re not doing either. The top excuses for not saving for retirement include:

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. However, 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 current projections show that reserves will run out in 2033 and projected tax income will only cover three-fourths of benefits for future generations. Plus, the average monthly Social Security benefit today is only $1,328 – 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.

The Dorcey Law Firm, PLC, provides effective retirement planning strategies for Florida residents. Contact our Fort Myers law firm for your free consultation.

Categories: Retirement Planning
dorcey law firm
The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169