IRS: 10 Reasons To Put Off Saving For Retirement

Blogger Cap At sends us a link to the IRS’s attempt to be funny, the 10 Reason To Put Off Saving For Retirement. We like this one:

Maybe I won’t live long enough to retire. Life is so uncertain. Why should I miss out on the high life now when I might not even need to have money put aside for my old age? (If married, change pronouns in this reason to the plural.)

and this one….

Taking care of me financially will provide wonderful character-building opportunities for my children. And so many chances for me to feel warm gratitude toward them.

But they’re all pretty accurate. When you’re young, time is on your side! Make your money work for you instead of buying a bunch of crap you don’t need. —MEGHANN MARCO

IRA Online Resource Guide – 10 Reasons to Put Off Saving for Retirement [IRS]
From the IRS: 10 Reasons to Put Off Saving for Retirement [Mint]
(Photo: Maulleigh)


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  1. Hoss says:

    How about — I’ll be earning lots more later in life, will have plenty of funds to invest for retirement. Pretty convincing w student loans, etc

  2. virgilstar says:

    Funny how you run this type of article alongside links to Woot, which sells large amounts of crap that you don’t need !

  3. Prosumerist says:

    A helpful propaganda suggestion from the lapdogs of the Federal Reserve.

  4. mermaidshoes says:

    “The fancy pair of sneakers that make the whiz bang noise with each step.”

    damn, i DO need those. where do i get them?! i really want to go “whiz bang” at all times!

  5. MartyCohn says:

    They forgot “With the increasing older population, we will be able to vote ourselves more entitlement money. After all, it’s the government’s job to provide for me.”

  6. nequam says:

    @Prosumerist: Amazing that you could combine paranoia, skepticism about saving money, and an apparent misapprehension of what the Federal Reserve Bank is in so short a sentence.

  7. Wormfather says:

    @virgilstar: Thanks, I needed to lol.

  8. JLam4911 says:

    I’m pretty sure no one in the history of man has ever uttered the phrase “The fancy pair of sneakers that make the whiz bang noise with each step.”

    Who writes this shit?

  9. bdgbill says:

    Screw retirement.

    I’m 38, have about $800.00 in the bank and not a cent of debt.

    While I have been busy enjoying every cent that I make travelling the world I have run into these so called “happy retirees”.

    It’s pathetic to see old people who waited their whole lives to take their “dream trip” to Paris. When they finally get there they are too old to do anything but sit on a tour bus and bitch that the cafe doesn’t have “Splenda”.

    I have been to Europe and South America 8 times in the last 5 years on less than 40 grand a year salary.

    Double income, No kids. Spend it all!

  10. Crap, this reminds me I spent 4 hours talking finance with my dad and uncle last weekend but still haven’t gotten around to opening my Roth IRA.

  11. bjcolby15 says:

    If the IRS didn’t put a whole flotilla of restrictions on what people could do with their retirement money – e.g. the 10% penalty for early withdrawal before 59-1/2, the 50% penalty for not making minimum withdrawals at 70-1/2, people would fund their retirement as easily as ordering a coffee.

    Same goes for the companies that maintain the 401(k) funds. Giving your 5-10% of your income and having it matched by your employer is great…deciding how that money is invested is a crapshoot. Deciphering a prospectus? Better have a CPA handy and a magnifying glass to read that mouseprint…your investment company is taking 1-2% of your retirement money in various fees, while the investment fund you thought had a great return is consistently negative. You can have access to your money – but at a minimum of $1,000, and only up to 50% of your total amount at a rate of 11%.

    If we’re being told to “save for retirement” but the path to that retirement has so many obstacles – investment advice swaddled in economic jargon, fees so well-hidden it takes a CPA to sniff them out, penalties that would make credit card companies drool – then people will continue to avoid putting a little extra from their paychecks for retirement.

    Automatic contributions are OK, but not enough. Make the 401(k) investment prospectuses clear and understandable. Spell out every single fee that the fund charges. Offer funds that have clear objectives, and tell the complete story – if I invest X dollars in this fund at a rate of Y%, I will have Z dollars in W years. Tell the truth about the “free money” your employer matches – if you take a loan, you lose the ability to match until the loan is paid off. Above all, pressuring people to save for retirement is just as bad as not saving at all – it will cause people to save for the sake of avoiding the wagging finger, tossing money around without regard to sound investment, and may cause people to lose more money than they’re willing to part with.

  12. Fist-o™ says:

    God! You guys make saving for retirement sound so unappealing! Well, I’ve got some comments for you.

    @bdgbill: Well, I guess we can’t all be as lucky as you, you jet-setter go-getter. Like I’m going to take retirement advice from you!

    @prosumerist: Your comment did not entertain or inform me. I suppose you wrote it to entertain or inform others. You failed in my case. If not, then you only wrote it to inform or entertain yourself. The usefulness of such posts are self-evident.

    @bjcolby15 Those are all not reasons to put off retirement savings, they are merely excuses not to.

    Look, here’s my opinion. Saving for retirement is a Good Idea. Ask anybody who did so. Don’t get your opinion from some comments section on some web site. Talk to those who are retired. Ask them what they’d have done different. Ask them if they trust the system.

    I have several relatives that I’ve looked up to, and in general they tell me:

    1. They wish they had started saving for retirement earlier;

    2. They wish they had saved more;

    3. Don’t rely on Social Security.

    And if anything from this post, I just want to say, if you’re considering doing it, DO IT.