The Lamest Retirement Excuses People Tell Themselves

3. I’ll save when I make more money

Time is quickly ticking away. If you wait until you make more money, you might be waiting for a very long time. Raises and promotions aren’t guaranteed (neither is your job), so you might as well go ahead and start socking away some cash now. The longer you wait to save, the less time your money has to grow.

If you delay saving for retirement until you’re 35 years old, you’ll need to save more than 16% of your income each year to produce the same total at age 65 as a worker who started saving 10% of their income starting at 30 years old, according to the Insured Retirement Institute. If you decide to wait until 40 years old, you would have to save more than 26% of your income.

Next: Make room in your budget.

4. I can’t afford to save for retirement

Saving for retirement means you’ll have to give up some comforts right now, but you really can’t afford not to save. If your finances are tight, work on developing a budget to make room for retirement savings. Your future survival could depend on it.

Howard Dvorkin, CPA and chairman of, said the people who claim to not be able to afford retirement are usually the ones who are wearing most of their money in the form of expensive purchases:

The lamest excuses I always hear are the unsaid ones. I meet someone who tells me they simply can’t afford to save for retirement, as they look at their Omega wristwatch and climb into their leased BMW so they can pack for their vacation to the Bahamas. Yes, many Americans are struggling and simply have trouble making ends meet, and I respect and work with them. But I meet many other Americans who earn quite enough to meet all their obligations — but they spend frivolously without ever admitting it to themselves.

Next: Education is key.

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