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Thinking About Retirement Can Motivate You to Save More

Several individuals will live life one day at a time without thinking about ways to save money for their retirement. People are used to their busy schedules and are only focused on the present. When a person isn't ready for retirement, they will find themselves struggling financially when it comes time to retire.


New York University has recently done a study to see how individuals would react when they were asked about their retirement plans, and how they would be saving money for the near future. In order to get accurate results for the study, they had to split everyone up into two groups. 

Each person had their picture taken of what they presently look like. The first group got to see the results of their pictures after they had been changed to show them what they may look like when they are older. This gave the first group of individuals a better understanding that retirement isn't as far away as they thought. However, the second group never got to see the photos of themselves. 

After the first group seen their pictures, the two groups were brought together and asked a question. The researcher asked the group of individuals what they would do if they were given $1,000 at that moment. The individuals were given several choices to choose from which included: putting the money in their bank account, spending the money on themselves, purchase a gift for someone else, or invest the money in their retirement. 

As you can imagine, the first group of people that seen the picture of themselves as an older person wanted to invest the money into their retirement. The second group choose more of an answer that spent the money otherwise. Just by being able to imagine yourself being older will give you a mindset of how you should start investing your money for retirement.
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