From: The Wall Street Journal

In Retirement, It’s Save Now or Pay (a Lot) Later

The Wall Street Journal:

Given a choice between satisfying our immediate needs and desires or focusing on the future, the here and now typically wins out. That impulse doesn’t bode well for retirement savings.

“Time, resources and attention are limited,” says Neil Lewis Jr., a Ph.D. candidate in social psychology at the University of Michigan and co-author of a recent study that examined ways to counteract the impulse to spend now instead of saving for retirement. “People allocate them to events that are pressing, rather than to events that may happen later.”

Another technique comes from Mr. Lewis and Daphna Oyserman, a psychologist at the University of Southern California, whose research examines how small changes in contexts, including the way information is presented, can have a large impact on health, wealth and other factors.

Read the whole story: The Wall Street Journal

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