NEW YORK (CBS NEWS) – When you’re planning for retirement, your future self doesn’t stand a chance battling your current self. That’s the powerful message of an excellent video hosted by the Financial Security Project at Boston College.
Spend for today or save for tomorrow? Your present self is happy when you spend and unhappy when you save.
Take Social Security as early as possible to get the money now or delay it to let it grow? Your current self gives you a high five for taking it now!
In retirement, draw down your 401(k) retirement savings at a much faster rate than 4 percent to pay for the things you want? No worries, says your current self. Somehow it will all work out.
Can your future self ever win? It’s not even here today to defend itself! The short answer is nope — not unless you take special steps now to help your future self.
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