This economy has many Americans experiencing financial hardships, not to mention all that student loan debt. 😵 On top of that, some are taking care of sick or aging loved ones, which is often another financial burden. 😮💨💰
All these financial drains impact the ability to save for retirement. Research shows that competing life priorities could reduce one's retirement savings by 37%! 📉
While most people aren't born with the traits needed to win at the savings game, you can learn how to make them work for you. You really can teach an old dog new tricks. 🐕
Here’s Five Fast Facts on the traits of savvy retirement savers:
- 💵 Risk It for the Biscuit - It may seem odd, but risk takers are more likely to have a nice fat retirement fund. People who focus on crushing goals and achievement are more likely to follow through on a savings plan over those who focus more on safety and security. While you won't feel like being risky once you reach retirement, taking more chances beforehand could pay off.
- 🌈 Sunshine and Rainbows - If you're a glass half empty kind of person, you might want to fill it up some more. Those who were overly optimistic about the future were more likely to take the steps needed to have a financially comfortable retirement. Optimistic folks are also more likely to plan for emergencies and are smarter with their finances.
- 🔮 Crystal Ballin' - Can you picture your dream retirement? Do you spend time visualizing your future self? If so, you're more likely to plan and save for what's to come. You'll also be a smarter spender in the present and less likely to mismanage your finances in the short term.
- 🤓 Let's Nerd Out - If financial terms make your head spin, you're not alone. Complicated money concepts tend to intimidate people. However, those with high financial literacy are more likely to achieve their retirement savings goals. Understanding how investing works empowers you to keep going. If you're a beginner, don't be afraid to start with the basics and work your way up. You'll be a whiz in no time.
- 📋 Top of the List - So which of the four traits are the most important? Researchers say focusing on optimism and future-forward thinking will give you the most bang for your retirement buck.
🔥Bottom line: It's never too late to start planning for retirement. Even if you feel like you're late to the game, there are plenty of investments out there to help your money go the extra mile. If you're up to your ears in debt, take a deep breath, buddy. We've got an article on how to make the process much less overwhelming.
Which of these four traits do you have?
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