retirement

3 lame excuses for not saving for retirement and how to overcome them

Excuse: 'The future is so far away!'
Excuse: 'The future is so far away!' | PeopleImages/Getty Images

Excuse: "The future is so far away!"

Old age and retirement? It'll never happen.

If there's one thing most 20- and 30-year-olds can agree on, in nearly any era, it's that they find it impossible to imagine themselves old. Or even older.

A behavioral issue called "present bias" is to blame, Canaan says, and it's quite common. "People tend to pay more attention to their present selves and dismiss their future selves." A similar behavior is that people tend to prefer a reward that arrives sooner over one that arrives later. Most people find it hard to save for retirement because it is so difficult to envision that future reward and see it as more desirable than a present one.

If only there were a way to actually see yourself as a 73-year-old retiree who wishes your younger self had saved more.

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