Usually, baby steps — painless, repeatable and automated baby steps — are the best way to get you where you want to go. Convincing yourself to save means forgoing present consumption for future consumption. In the past, you didn’t save for retirement. That’s because the 401(k) requires you, not your employer, to save the money and make all the decisions about how to manage that money — both now and in retirement. Second, it helps you get used to having less income if it comes out of your paycheck or bank account.

Source: Forbes January 12, 2018 10:52 UTC