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Study Shows That Some People Need Outside Motivation in Order to Save For Retirement

October 31, 2017

Most people know in the back of their minds that it makes sense to save ahead of their retirement. However, a new study shows that short-term thinking, a lack of access to appropriate retirement programs and general inertial all contribute to the fact that many people do not engage in the estate planning process as soon as they should. plan for retirement

For many people, working longer and staying in the workforce past age 65 have been the common approaches towards addressing retirement strategies.

A new book from economist Richard Thaler explains why people so often fail to save for retirement and societal changes including the lack of employer managed retirement plans are involved as well. A defined contribution retirement savings plan on its own will fail to overcome behavioral barriers and lead to less than optimal outcomes when it comes to retirement savings.

Bearing in mind that most people have limited awareness regarding financial and retirement issues to begin with, without an outside professional to help them guide through the process they are more likely to ignore the option overall and fail to engage in retirement planning until it is too late to make that much of a difference in their bottom line. The same goes for estate planning.

Many people put it off and do not realize the power of estate planning until they wish to take steps to protect their loved ones or until they have a loved one who fails to do estate planning and then puts the entire family in the spotlight of dealing with the issues. Consulting with a knowledgeable New Jersey estate planning attorney is strongly recommended if you wish to talk about how your retirement and estate planning can work together.


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Schedule your free Exploratory phone call

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can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Our Social Media

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Listen in, Join the Conversation!

Recent Posts
Do You Owe The AMT?

American educational reformer Horace Mann called education “the great equalizer.” In football, it’s been said ...

See more
What is the Value of Your Business?

In the second quarter of 2023, more than 2,300 small businesses were sold. The median ...

See more
Immediate vs. Deferred Annuities

Despite not being as well known as some other retirement tools, annuities account for 6.5% ...

See more