Retirees warn about the risks of not saving

iStockphoto

(MoneyWatch) COMMENTARY Need motivation to stop wasting money and save more for retirement? Two short videos by Boston College's Center for Retirement Research dramatize the importance of preparing financially for the future by exploring the challenges -- and regrets -- facing retirees.

In the first video, residents of a Boston-area apartment building, all retired, talk honestly about the difficulties of relying on Social Security for the lion's share of their retirement income. In the second piece, they discuss how their past financial decisions have affected their retirement.

Such stories are instructive, helping younger people learn from the good and not-so-good decisions these retirees made. My hope is that these videos will motivate you to be more mindful about your money. Here's what that means: to carefully consider every purchase, save more in your 401(k) or other retirement plan, and more generally learn what you have to do today to plan for the retirement you want in the future. You also may want to share these videos along to your kids -- they need to hear these messages, as well.

Retirement tips: Here's how to save more now
What a marshmallow experiment can teach you about retirement
Retirement planning: How to do it right

At every one of my retirement planning workshops, I can safely predict that I'll hear the following two statements:

- I wish I had heard you 20 years ago
- My kids need to hear what you're saying

During your retirement years, it's a good bet you'll never look back and wish you'd frequented Starbucks more often, purchased fancier cars, eaten more fast-food, or spent more money on clothes. Years from now, you'll have forgotten these transient pleasures. Instead, just like the retirees profiled in these videos, I bet you'll miss the money you could have saved.

So do whatever it takes to plan better now for your retirement years -- your future self will thank you.

Image courtesy of iStockphoto contributor AlexRaths

[Devans0]

Be wary, there are plenty of wolves dressing in financial planner suits, but the columnists on CBS Marketwatch are the real deal. How can you spot the difference? When the advice is for fee based financial planners, very low cost index funds rather than actively managed funds, they advice has your best interests (pun intended) at heart.

[tudognight]

Yep...this financial advisory will tell you all kinds of fairy tales and all you have to do is invest in one of many programs set up by your employer.....Yep that will work...Unless his pals on wall street flush your savings down the toilet in one of their schemes all the while making themselves richer. Yep, the government is not to be trusted...these financial planners have your interests at heart. Does anyone really believe this crap? Sounds like it was written by NEWSMAX.