So what are some of the things in life that make you happy?
Beach vacations? Curling up with a good book by the fireplace on a chilly night? Retirement planning?
Wait … what?
If you’re like most people, that last option probably doesn’t rank high on your list of happy activities—and that’s partly why a lot of people have trouble reaching their retirement savings goals.
“Saving money in itself can be a drag,” admits John Beshears, an assistant professor of business administration at Harvard Business School. “My research, as well as that of others, suggests that humans have an innate taste for instant gratification—and it’s difficult to make short-term sacrifices in the pursuit of a long-term gain.”
So when we’re faced with a tempting form of instant gratification—say, binge-watching a new show on Netflix—more often than not, we’ll opt for that over “going to the trouble of spending a Saturday afternoon enrolling in an employer’s 401(k) plan or setting up an IRA,” Beshears says.
But what if we told you there were some strategies that could help make retirement planning—and reaching your goals—feel a bit more bliss-inducing?
The truth of the matter is that if you approach the planning process from a happy place now, you can help set yourself up for a happy retirement later.
And there’s research to back that up: According to a statistic in Northwestern Mutual’s guide, “Retirement Saving: 5 Key Insights You Need to Know,” a whopping 91% of highly disciplined planners say they are happy in retirement.
Want to be part of that 91%? Check out these five optimistically minded approaches to heart-happy (and disciplined) retirement planning.
Step #1: Indulge in a Goal-Based Guilty Pleasure
Turns out Mary Poppins was right: A spoonful of sugar can help the medicine go down—and that includes the act of saving for retirement.
Let’s face it: Saving for the future can be a tough pill to swallow because you often have to make sacrifices in order to reach your goal.
Click here to read the rest of this article.