How to motivate yourself to save more for Retirement.

RETIREMENT

Make It Easy By Breaking it Down Into Steps 

Instead of focusing on the final account balance you will need for a comfortable retirement, figure out how much you need to save each week or month. "It gives you something in the immediate future to focus on rather than something in the distant future that you may or may not be able to relate to," says Nicole Votolato Montgomery, an assistant professor of marketing at the College of William and Mary's Mason School of Business.

Votolato's recent online survey showed 750 individuals an advertisement encouraging them to save for retirement, then asked how much they intended to save as a percentage of their salary. Young workers between ages 18 and 34 said they were going to save the largest portion of their salary (20 percent) when the advertisement told them the biweekly dollar amount they need to save for a secure retirement. In contrast, young employees presented with a long-term retirement contribution goal said they would save 14 percent of their pay for retirement.

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Jesse Alvarado
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