10 Images That Will Motivate You to Save for Retirement
Start saving more now.
It can be difficult to consistently save money for a goal that seems very far away. There are many pressing financial needs, and retirement may be decades in the future. But there are also compelling reasons to begin saving money for retirement now. These images will make you want to save more for retirement.
Say goodbye to your boss forever.
Imagine never needing to report to a boss again. Retirement gives you the power to walk away from your job forever. You won't need to sit through boring meetings, deal with pointless rules or complete a project on a needlessly tight deadline. You can walk away from your cubicle and never go back.
Toss your alarm clock.
In retirement, there's no need to get out of bed until you are rested and ready for the day. You get to make your own schedule, and you have control over your time. You can sleep as late as you want, linger over a second cup of coffee and get dressed when you feel like it. There's no need to hurry out the door.
Understand the power of compounding.
Saving a small amount every year can help you accumulate a significant amount of money if it is given enough time to compound. Saving just $100 per month beginning at age 30 will result in a retirement account balance of $172,109 at age 65, assuming 7 percent annual returns. In this case, the saver tucks away $42,000 over 35 years, and compound interest generates the rest of this wealth. Your money is doing most of the work for you.
Imagine yourself in old age.
Picture yourself as an old man or woman. Think about what you will look like, where you will live and who you will spend your time with. You will eventually get old and reach a time when you no longer want or have the ability to work. A little bit of savings can make it easier to cope with the aging process. The decisions you make today will determine how well this older version of yourself lives.
Avoid becoming a burden.
Consider what your life will be like if you don't save for retirement. If you don't set aside money for the future, you will eventually become dependent on Social Security. You might need to rely on relatives for financial help or even move in with them. Having some money in the bank will prevent you from becoming a burden on your children and grandchildren.
Imagine your nursing home bill.
The cost of health care in retirement can be huge. A semiprivate room in a nursing home costs a median of $212 per day, and assisted living facilities cost a median of $3,500 per month, according to a survey commissioned by Genworth Financial. Home health aides charge a median of $20 per hour, and even adult day health care services charge a median of $65 a day.
Spend time with grandchildren.
You will want to hold your grandchildren in your arms and watch them take their first steps. You may even want to set a goal of seeing them graduate from high school or college. Saving money for retirement will allow you to visit your grandchildren more often and free you up to spend more time with them.
Make exciting retirement plans.
Think about how you would like to spend your time. Maybe you want to be on the golf course, relax on the beach or spend your days reading or painting. Saving for retirement eventually makes it possible to spend all day, every day tinkering in your garden or traveling the globe.
Picture the pyramids.
Imagine yourself visiting the pyramids in Egypt, the Eiffel Tower, the Taj Mahal or another place you have always wanted to spend a significant amount of time. In retirement, there's no need to squeeze an exciting international trip into a week or two. You could spend months overseas immersing yourself in another culture or relaxing in your favorite vacation destination.
Think about longevity.
Many of us know someone who has lived into their 90s, and it's becoming increasingly common for people to live until 100. For people who retire at age 65, that's a 35-year retirement. How much you save and how well you manage your money will determine how long your nest egg will last.
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