Saving more for retirement by making the future more tangible

If you’re struggling to stow away enough money for retirement, the problem may be that your retirement seems too far away to feel real. I’m a big believer in making your retirement goals feel tangible – and here’s how you do it.

In today’s episode of Your Money Minute with Tracy Stewart, CPA, let’s talk about saving more for retirement by making the future more tangible. People are living longer and longer these days, and retirement is measured in decades nowadays. Will your retirement savings be enough to fund the long haul?

If you’re having trouble saving, it may be that the future just doesn’t feel real enough to you. That’s okay – it’s perfectly normal. I have two ideas that may help you manage those feelings: You can use a vision board or build an avatar of yourself.

A vision board can be a poster or some other visual space where you collect photos and images that correspond with your retirement goals. I post pictures of locations I want to travel to during retirement. You can post maps, pictures of grandchildren, that cottage you want to stay in… Any photo or image that helps you more easily visualize your long-term retirement goals can go here. You’ll pass by, see it and trigger your brain to be more purposeful about your financial activities as a result.

You can also build an avatar of yourself, which is basically a “fake you” created to help you imagine yourself looking older. Yes, this may sound silly to you at first — but create one! You can use an app like Oldify to create the picture. Turn to this an realize the days will turn into months, and months into years — you will hit retirement sooner rather than later, and you need to be ready.

Financial independence is unbelievably liberating. Building up your retirement savings is an incredibly powerful way to ensure your long-term financial stability, so start today — I’m right here to help.

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