December 7, 2022 Breaking News, Latest News, and Videos

Column: Are You Talking Yourself Out of Saving for Retirement? Here’s How to Break the Habit

Saving for retirement can be an abstract concept. It’s something we all know we should do, but the farther away we are from it, the easier it is to delay making it a priority – especially when we have other financial commitments nearer on the horizon. If you find you are talking yourself out of saving for retirement, 

Consider reframing your thinking. A shift in perspective may be what you need to get on the right track. 

Here are some common excuses people give for not saving for retirement – and how you can overcome them.

“Retirement is a long way off.” It’s easy to get wrapped up in your current financial obligations, telling yourself that you’ll prioritize your retirement next year. However, like many worthy aspirations, building a retirement nest egg takes time and discipline. If your golden years seem far away, remind yourself of the power of saving early. Time allows you to tackle your retirement goals in smaller increments with the potential for compounded growth. Retirement will likely come faster than you think, and you’ll thank yourself later for planning ahead.

“I’ll prioritize retirement after paying for my child’s education.” With the rising costs of college, it’s understandable if you want to help your child obtain a quality education. However, although it may feel like you’re letting your children down if you don’t make paying for their tuition your top financial goal, saving for retirement should take priority. If your retirement savings come up short, you won’t have the ability to apply for scholarships, grants, or financial aid to help bridge the gap like your child might for college. 

“I can’t afford to save.” If this phrase comes to mind, give your self-talk a flip. Instead, think “I can’t afford not to save”. Setting aside even a small amount of money each month can make a big difference, as your assets can grow with the benefit of compounding. If you are able, consider increasing your monthly contribution to continue to build your nest egg. 

“My family will help me.” Perhaps you’re expecting a generous inheritance or hoping that your adult kids will provide a financial cushion if you experience unexpected expenses later in life. Wishful thinking is not a strategy. Regardless of who you believe may come to your aid, it’s best to take your financial security into your own hands. Life is full of uncertainties that could impact the bank accounts for both you and your family members. Knowing your future is under financial control can give you and your family peace of mind. 

Don’t let these common mantras and negative self-talk undermine your retirement. With a consistent and well-informed approach to saving and investing, you’ll be in a much better position to retire with confidence. 

Consider working with a financial advisor to create a plan for your future. Together you can determine your savings targets and explore a wide range of strategies to meet your financial goals. It’s time to talk yourself back into retirement. 

###

Phil Decallejon, CFA® is a Financial Advisor with Orchard Financial Group, a private wealth advisory practice of Ameriprise Financial Services, LLC. in Los Angeles, CA.  He specializes in fee-based financial planning and asset management strategies and has been in practice for 9 years. To contact him, call 310.582.3500 | orchardfg.com | 12400 Wilshire Blvd, Suite 1210, Los Angeles, CA 90025.

Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.

Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.

Ameriprise Financial Services, LLC. Member FINRA and SIPC.

© 2021 Ameriprise Financial, Inc. All rights reserved.

File # 3942137 (Approved until 01/2024)

Related Posts

A SMa.r.t. Thanksgiving

November 23, 2022

November 23, 2022

SMart has much to be thankful for this year: We are thankful for the courage of all who face death...

SMa.r.t. Column: Renting and Owning. The Santa Monica Long View

November 18, 2022

November 18, 2022

In May, 2020, SMa.r.t. urged the city to consider establishing community land trusts, in which community-owned land is leased at...

SMa.r.t. Column: Santa Monica Housing Development – Poison Pills, Bad Data and the Blame Game

November 11, 2022

November 11, 2022

Prior councils have made long term decisions that have locked the city into an extraordinarily fixed path, the consequences of...

Column – Gas Gougers Beware: California Is Onto You at Last

November 11, 2022

November 11, 2022

By Tom Elias It has taken more than 50 years of on-and-off gasoline price gouging, but at long last California...

Video: Santa Monica College on Measure SMC

November 7, 2022

November 7, 2022

Enjoy this live interview with Measure SMC campaign co-chair Shari Davis in this paid segment.

Video: Santa Monica Police Officers Association on Their Election Endorsments

November 7, 2022

November 7, 2022

Santa Monica Police Officers Association Vice Chair Carlos Madrid joins the Santa Monica Mirror for a paid segment on the...

Santa Monica Mirror 2022 Election Endorsements

November 4, 2022

November 4, 2022

By the Santa Monica Mirror Editorial Board Santa Monica City Council Albin Gielicz  Albin has been involved with the community...

S.M.a.r.t. Election Recommendation

November 4, 2022

November 4, 2022

Editor’s note: The following endorsements should not be attributed to the Santa Monica Mirror. They are the opinion of Santa...

Letter to the Editor Santa Monica Mirror: In Response to Mr. Schwich’s Letter of November 1, 2022

November 3, 2022

November 3, 2022

Mr. Schwich, an employee of the United States Tennis Association, made many serious and disingenuous allegations in his letter to...

Letter to the Editor: Tennis v Pickleball (and the City of Santa Monica)

November 1, 2022

November 1, 2022

In communities both large and small across America, the debate involving tennis and pickleball has become increasingly louder. But in...

Column: Who’s the ‘True’ Democrat in CD-11?

October 30, 2022

October 30, 2022

So who is the true Democrat in this race to succeed Mike Bonin in CD-11? While the campaign for city...

SMa.r.t. Column: Santa Monica’s Pending Apocalypse

October 28, 2022

October 28, 2022

Editor’s note: The following endorsements should not be attributed to the Santa Monica Mirror. They are the opinion of Santa...

Column: Follow the Money This Election Season

October 27, 2022

October 27, 2022

By David G. Brown Earlier this month I read with great interest the coverage of local campaign finance filings and...

Column: Excess School Lands for Teacher Housing?

October 22, 2022

October 22, 2022

By Tom Elias, Columnist Do voters want more teachers living in their communities, even if it means a little more...