Three excuses not to save
personal gross income to start with. No matter how squeezed we think we are, mostly we can save a tiny amount each month. It will add up, eventually. Excuse 3: ‘But retirement’s a long way off!’ I can’t possibly imagine being old.
People pay more attention to the here and now. Poor old future self, well that can take care of itself. No one told you that, certainly not an older person who is likely to be living with the regret of what they didn’t do. It’s better to feel the ‘warmth’ now isn’t it and worry about the ‘cold’ of later life when or if it arrives?
Solution – See into your future. Researchers at the Stanford Centre on Longevity studied people when they were asked to think about themselves in the future. They found their brain activity patterns were similar to those that light up when people think about a stranger. Fancy that, retirement is like a stranger! Then only some test subjects were shown a picture of themselves artificially aged through imaging software. They were then more interested in saving for retirement – saving 40 per cent more than those who weren’t shown the altered photographs.
Try it for yourself by using Photoshop or the free app Aging Booth from the Apple Store. Makeover.com lets you upload a photo into its Age Tell software at no cost.
This article has been adapted from original article on Bankrate.com.