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Seeing is Believing When It Comes to Saving for Retirement

Posted Jun 05 2013 9:00am

Stanford University scientists have found that younger people have trouble visualizing themselves as elderly, which can limit how much they invest in their retirement plans. 

When the researchers showed a group of young people computer-aged photos of themselves, they became more inclined to increase their retirement investment. You can experience your own photographic aging by going to the Web site faceretirement.merrilledge.com . I have to say that this is both very cool and scary as hell and I can see why it would work in getting you to start thinking about saving for aging.

The Employee Benefit Research Institute has a savings calculator at choosetosave.org/ballpark.

The Ballpark E$timate is an easy-to-use, two-page worksheet that helps you quickly identify approximately how much you need to save to fund a comfortable retirement. The Ballpark E$timate takes complicated issues like projected Social Security benefits and earnings assumptions on savings, and turns them into language and mathematics that are easy to understand.

Try out these tools especially the first and it may just scare you into saving!

Courtesy - Met Life
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