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- The first costs to cut in preparation for retirement are the biggest: your debt, your housing, and your car.
- If you choose to take on more debt, live in a house that stretches your budget, or drive a car you can't afford, you could be compromising your ability to save — and retire when you want.
- Visit Business Insider's homepage for more stories.
In a culture that prides itself on instant gratification, saving for retirement can feel like the opposite of living your best life in the here and now.
However, it's important to keep in mind that your future self will thank you when you do save, even when it's hard for you to picture your life decades in the future, says Sophia Bera, a certified financial planner at Gen Y Planning.
See the rest of the story at Business Insider
See Also:
- Figuring out how to 'hide' money from myself helped me triple my retirement savings in the last 5 years
- Here's exactly how much money you miss out on by letting extra cash sit in your checking account
- After years of fine-tuning my finances, here's my 3-step process to make retirement savings automatic
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