The Lamest Retirement Excuses People Tell Themselves

Planning for retirement is smart, but it’s not always the most enjoyable activity. Reaching your retirement savings goal requires some sacrifice now, so you can enjoy life later. However, not everyone thinks this way. Less than half of workers in the United States (48%) said they and/or their spouses have never calculated how much money they’ll need for retirement, according to an Employee Benefit Research Institute survey.

Instead of focusing on the results, some people make excuses for why they can’t save for retirement. Here are some of the lamest retirement excuses people tell themselves.

1. I’ll work until I die

If you reason that you can just put off retirement savings because you plan to work until you die at your desk, you might want to rethink that plan. The odds of being physically unable to work at some point in your life are higher that you might expect.

Roughly 1 in 4 of today’s 20-year-olds will become disabled before they have a chance to retire, according to the Council for Disability Awareness. Still, some millennials say they expect to work until they draw their last breath. A survey of adults ages 20 to 34 conducted by Manpower Group found about 12% of millennials in the United States believe they will have to work until their dying day.

Next: Put yourself before your kids.

2. I need to save for my kids’ college education

Your kids can get a scholarship for college. You, on the other hand, can’t get a scholarship for retirement. In addition, your child can choose a less expensive option for school or take on a side job. Transfer some of the responsibility for college financing to your children. It will teach them a bit of responsibility.

The best gift you can give your children is not to be a burden on them when you’re older. In this situation it’s best to put yourself ahead of the kids. Don’t feel guilty; they’ll appreciate it later.

Next: A windfall can’t be part of your plans.

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