If you’re sticking to your New Year’s resolutions, you deserve a pat on the back. According to one survey,1 it takes an average of just 32 days before people give up on a resolution — and 68% of people say they give up on their resolutions even earlier than that.

Why is it so hard to stick to a resolution? One reason could be that we try to do too much too fast, which makes it easier to fail. When you set realistic goals that are easier to achieve, you may be less likely to give up.

Saving for retirement is a great example. If you resolve to save a little more with each paycheck, you may not feel a drastic change in your take-home pay — but you could see a big impact on your future retirement income. Take a quick look at the scenario depicted in the chart below. It shows how increasing your contribution from each paycheck by just $25 could help you build the saving momentum that translates into a more comfortable retirement.

Think of it this way: The thought of saving $20,000, $30,000, or $50,000 more can be overwhelming. It might even sound too difficult to try. But saving an extra $25 every paycheck probably seems a lot easier. And when you contribute more to your account on a regular basis, you also get the added effect of compound growth potential. That’s where any earnings that your contributions generate get reinvested in your chosen investment options, where they can generate additional growth of their own.

One final point: Your retirement plan also makes saving automatic. When you increase your contribution, the money goes directly from your paycheck into your account. You don’t have to do anything extra. How many other good habits are as easy to follow through on?

Ready to make good on your resolution to improve your retirement readiness? Log in to your myretirement Plan account at retire.pennstatehealth.org today to increase your contribution amount (and consider automatic annual increases).

Source: Empower

1 New York Post “The average American abandons their New Year’s Resolution by this date,” January 28, 2020, https://nypost.com/2020/01/28/the-average-american-abandons-their-new-years-resolution-by-this-date/.