Many people don’t think of caring for their self in the future. Americans do a poor job of putting money aside for retirement. There are many money scripts that can contribute to this, and figuring out which ones are preventing you from setting aside money can take some digging. For instance, it could be due to a “right now” orientation that has come from having past planning for the future not work out. Or it could come from a feeling that “I only feel rich if I’m spending money, not when it is in the bank.” To help assess your money scripts, check out this self-assessment tool on my website.
Apart from poor money scripts, lack of adequate retirement planning could also be the result of simple ignorance. Research summarized in The Economist finds that the number of years we spend in retirement has sharply increased over the last 50 years. In the 1960’s the average American who retired at 65 could expect to live less than 10 years. If you are retiring at 65 now, you can expect to live for almost 20 years.