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5 Most Common Reasons People Struggle To Save For Retirement

If you haven’t been saving up for your retirement, you’re not alone. However, that doesn’t make it right. You deserve to have time off after years of hard work, and your retirement fund determines how well you’ll do once you’re ready to throw in the towel. Most people have given up on such a lifestyle once they hit their senior years for fear of not saving up enough money or other reasons. If you find yourself struggling to save for retirement for any of the following reasons, it’s time to seek help from your local retirement planners at Maggi Tax:

1. We Love to Live In the Moment

The bigger the hardships, the more we’re tempted to treat ourselves to frivolous spending to help us cope. Buying fun things like a new phone, a video game console, or anything to do with your hobbies gives us serotonin, and many of us would rather feel good to help us get through tough times than put that money into a savings account with the far future in mind.

It’s okay to buy a little something for yourself every now and then, but it’s even more rewarding to know that you have a cushy life waiting for you up ahead.

2. It’s Easier to Procrastinate Challenges

Going from not contributing to a retirement fund to implementing financial goals into your everyday life is a drastic change that many people don’t want to deal with. Change can be difficult, that’s a fact. When we’re already barely getting by with working full-time jobs and paying our immediate bills, doing anything more feels outside the realm of possibility. It’s easier to put off extra responsibilities (like setting up retirement funds) in favor of what seems to help us more in the moment.

Delaying your savings will only do more harm by decreasing the amount of money you will have available to you by the time you retire. By acting now, the compounding interest will award you more over time.

3. Tight Funds Make Us Reconsider Our Priorities

For those who are faced with debts to pay like credit card balances or loans, paying those off as soon as possible, even at the cost of neglecting your retirement account, may feel like the right thing to do. While decreasing the amount of debt you owe is a great idea to limit your interest charges, it’s better to find a balance between paying off your debt and working on your retirement instead of believing that you can only focus on one or the other.

4. The Rising Dilemma of Unemployment

With talks of sudden unemployment happening throughout the country in response to various factors like increased minimum wages and the high cost of goods and services, you never know if your career is at risk. Should you happen to face unemployment, you may feel cornered enough to dip into any bit of savings you have, including your retirement. Before you dip into those precious funds, it pays to visit a financial advisor who may present a better solution.

5. Inflation

Despite all of the reasons we’ve gone over, the answer could be as simple as rising inflation. The general cost of living has put a strain on everyone’s wallet to the point where the idea of “extra cash” can feel like a laughable concept. However, not everything is black and white. Even the smallest contributions can make a big difference over the course of decades, so you shouldn’t tap out just yet. Find yourself a trusted financial advisor near you to craft a retirement plan that fits your budget.

Get Your Retirement Plan In Order. Call Maggi Tax Today!

Don’t give up on your dream of a comfortable retirement just yet. Schedule a consultation with Maggi Tax today at (727) 799-1701 and ask about our investment planning services to take back control of your retirement!

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