OPINION: Starting to invest for your retirement around 'fresh starts' like the new year or a birthday may help you save more, Brett Arends writes.
If you want to kick-start your retirement savings but you’re having trouble getting going, try thinking of your new resolution in terms of a ‘fresh start’ date like an upcoming birthday, or the first day of spring, or the start of the new year.
Working with plan administrators, the researchers sent out mailings to university faculty and staff encouraging them to increase their retirement plan contributions. In other words, just making people think in terms of “fresh starts” and landmark dates makes them more likely to increase their retirement contributions, whether now or later. The researchers were finance professors John Beshears at Harvard, Katherine Milkman at Penn, and Shlomo Benartzi at UCLA in addition to Dai.
Because it will only start at some point in the future, it somehow seems less painful than starting today, they say.
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