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Find Your Saving Sweet Spot

People who aren’t saving for retirement share a common excuse: “I want to enjoy life now. After all, I could get hit by a beer truck tomorrow.”

On the flip side, compulsive savers max out 401(k)s and IRAs while living with six roommates and eating a steady diet of Ramen and canned meat.

Here’s some news for both groups: Life is better in the middle. It’s about balance.

If you live life to the fullest without ever planning for your long-term needs, you will someday find yourself 65 and broke. Our generation cannot count on employer pensions or even Social Security. We can either save for retirement or work forever.

Still, our carefree spenders have a point: the beer trucks are out there, mowing down unwitting jaywalkers every week. So if you’re a miserly scrooge, go buy something; you might actually enjoy it.

And if you’re not saving for retirement because there is too much to spend your money on today, take a second to learn about retirement saving. Then take $100 you would’ve spent and open an IRA. Your future self will thank you.

About David Weliver

David Weliver is the founding editor of Money Under 30. He's a cited authority on personal finance and the unique money issues we face during our first two decades as adults. He lives in Maine with his wife and two children.

Comments

  1. Okay, got to admit, this made me chuckle: “…the beer trucks are out there, mowing down unwitting jaywalkers every week…”

    I’m definitely on the right side of the bubble, but work earnestly at moving toward the middle.

  2. 90% of the concerns expressed to me by prospective clients can be summed up with this question: “How do I save for a great life in the future while still living a good life now?” Finding balance is the key. This is what I help my clients do. Great post!

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