Imagine waking up one day and realizing you’ve procrastinated so long that a happy and comfortable retirement seems completely out of reach. Especially when the 'magic number' to retire comfortably is more than you think — $1.26 million.
The biggest problem with delaying retirement planning is that it can be extremely hard to make up for lost time. It also doesn’t help that people are simply not saving as much as in the past. One reason why? Procrastination — the act of unnecessarily postponing decisions or actions.
The fourth annual Protected Retirement survey from the Nationwide Retirement Institute uncovers a powerful wake-up call: more than 8 in 10 workers over 45 regret not taking retirement savings more seriously when they were younger.
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Notable survey findings include:
- 76% regret not starting to save earlier, underscoring the importance of beginning — even with small contributions.
- 56% identified building an emergency fund and maximizing employer match contributions as top priorities for financial stability.
- 82% of employees over 45 wish they had sought advice on retirement savings earlier in their careers.
On the positive side, 67% of workers and 78% of retirees are confident they will have enough money to live comfortably throughout retirement, as per the 2025 EBRI Retirement Confidence Survey. However, that's tempered by news that the personal savings rate stood at 4.6% in August, down from 4.8% in July and near a multi-year low of 3.9% in March.
People postpone saving for retirement for many reasons, from keeping up with inflation and rising prices to concerns about being unable to maintain their current lifestyle. If you’ve been dragging your feet when it comes to saving, don’t put off reviewing these five tips to stop procrastinating on your retirement planning.
1. Choose delayed rewards over instant gratification
Procrastination may provide temporary relief from stress and anxiety. However, it can have serious consequences when planning your retirement, something that cannot be put off until the last minute. Instant gratification essentially robs our future selves of financial security, while delayed rewards can lead to better long-term outcomes.
Instead of spending that windfall from a raise at work or a tax refund, take the opportunity to increase your retirement plan contribution. A tax refund can also pay off a high-interest debt or be added to your emergency fund. Delaying what you want (but don’t necessarily need) takes discipline, but it is well worth it when you stop working.
2. Identify the cost of retirement
One of the most neglected aspects of retirement planning is identifying what it will cost to retire comfortably. Americans believe that they will need nearly $1.26 million in the bank for a secure retirement, according to Northwestern Mutual’s 2025 Planning & Progress Study.
That’s a daunting number if you’ve saved only a fraction of that amount. Having a realistic idea of your essential expenses, like housing, food, insurance, health care and taxes, is a top priority. Your wants, such as home renovations, travel and entertainment, reflect your desired lifestyle. Your wishes fulfill your legacy. Don’t put off identifying how much you’ll need in your retirement years to live the life you’ve always envisioned. Making a plan today and following through with it can make it easier for you to retire confidently.
3. Optimize your retirement plan
Workers with a clear understanding of retirement plans and how they work are more likely to be proactive about participating in an employer-sponsored plan at work, according to a paper from the Stanford Institute for Economic Policy Research (SIEPR).
However, when procrastination kicks in, these same workers may reason that their automatic contribution is “good enough,” which sets them up to save less overall. Lack of motivation and feeling overwhelmed also lead to procrastination when it comes to contributing to retirement plans.
Suzanne Ricklin, Vice President of Retirement Solutions at Nationwide Financial, makes the case for having a plan. “For many, the hardest part of retirement planning is knowing where to begin. Start by setting a clear goal, such as building an emergency fund or paying off high-interest debt like credit cards, while still contributing to your retirement account.”
Instead of accepting "good enough," take charge of your financial future and learn about your 401(k), IRA, or other employer-sponsored plan. Many retirement plans offer free education materials, expert advice, and tools to help optimize your retirement strategy. Take advantage of these resources and contact your plan administrator for personalized guidance.
4. Consider your options for Social Security
Although you can claim Social Security at age 62, retirees often give up thousands of dollars by taking Social Security benefits too early. For every year you delay retirement after your full retirement age (FRA), annual benefits increase by 8%. That means if you claim Social Security at age 70 instead of at age 62, the monthly benefit could be 76% higher, adjusted for inflation, according to RBC Wealth Management. This may be one time when procrastination comes in handy.
On the other hand, instead of merely hoping you make the right decision when taking Social Security, consider your options while you are young and still working. That way, you can get the most out of your monthly checks as you plan for retirement.
5. Seek advice and guidance early on
According to the Nationwide Retirement Institute survey, 82% of employees over the age of 45 wish they had sought advice or guidance on retirement savings when they were younger. These same people regret not taking retirement savings more seriously during their younger years, wish they understood the importance of compounding interest sooner and wish they had focused more on income protection strategies at an earlier age.
Check out Kiplinger’s Retirement Calculator to see how much you’ll need to retire.
“Starting small — like increasing retirement contributions by just a percent or setting aside a little more in savings each month — can lead to meaningful progress over time, said Ricklin. "These small financial changes are easier to stick with and thanks to the power of compounding interest, even small steps can significantly impact your future.”
Break the cycle of procrastination and move on
The causes of procrastination are many and varied. However, the two most common factors are lack of motivation and fear of failure. These barriers can hinder individuals from taking action regarding making a plan for retirement. “Remember, the most important part of retirement planning is starting,” Ricklin adds. “No matter where you are in your financial journey today, every step forward will get you closer to the retirement you envision.
If the stressors of procrastination keep you up at night, sleep better by slaying those retirement fears. Conquer retirement planning procrastination by enlisting the help of a financial adviser early on. They can show you the path to a happier retirement.
Christopher Parker once said, “Procrastination is like a credit card: it’s a lot of fun until you get the bill.”
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