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Planning for retirement takes time. In today's world, balancing future savings with current expenses poses a common challenge for many.
Nicholas argues that valuing the present more than the future is a reason many people struggle to save for retirement. Considering how society trains us to "enjoy the fruits of our labor now," he explains how you "essentially have to be a contrarian when saving for retirement." For young savers with "earned income and access to a 401(k)" at their job, he advises adding as many Roth contributions as is reasonable within a budget.
"If you expect to be able to afford expenses that aren’t within your current means, you will always be trying to catch up with your spending."
Interested in learning more? Check out the full MoneyGeek article here.
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