I didn’t save for retirement until I realized it’s creating wealth

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• As a 21-year-old with liquidity problems, he did not want to save for retirement.
• But, when I began to understand that building long-term wealth and saving for retirement are exactly the same, I let my guard down and opened two retirement accounts.
• Instead of thinking of my Roth IRA contributions as retirement savings, I now see them as going toward my long-term wealth creation goals, and I am much more motivated to do so.
• Use Blooom to analyze your 401 (k) today and see how you can increase your retirement savings »

I am the first to admit that I had a bad attitude towards retirement savings at age 20.

I didn’t even open a 401 (k) on my first job outside of college. Like many other 21-year-olds, I was paying off many student loan debts many times with my annual salary. In my mind, I echoed a chorus that I was constantly hearing as a child: I will never be able to save enough to retire anyway.

He also had a biased view of retirement that did not help the cause. The only feeling of retirement I knew did not appeal to me. I grew up with my retired grandmother, who always seemed a little crazy in her golden years. The highlight of their week included taking the kids to and from school and picking up food. Like me, she likes to have work to do. He seemed to miss working. I promised to keep typing until my hands could no longer work on a keyboard.

So, I, 21, thought that would exempt me from both future boredom. and The need to save for retirement. However, I thought I should start investing to have a mattress for the future. He didn’t want to totally miss out on the opportunity to start building wealth in the long term as a young man. Instead of opening a Roth IRA account as it should be for this purpose, I opened an individual taxable investment account, an account that loses the tax advantages of retirement accounts. Looking back, I think I did that just because the account name did not imply retirement.

It was the term “retirement savings” that tripped me up. If it was called ‘investing for the future’, you probably would have heard before. But I didn’t understand what to save for retirement it is building long-term wealth.

Talking to retirees living their dream made me think differently about retirement

I always thought that retirement savings would go directly to health care and food costs. But that’s not the case: These savings can generate enough wealth to help you live a great life later. When I started talking to retirees for the Business Insider Real Retirement series, I discovered that these ordinary people used their retirement savings to do amazing things. They travel the world with their partner, write the book they have always wanted, live abroad and do things that working life does not allow them easily.

It inspired me to change my attitude. They all built the long-term wealth they needed to do those things. If I wanted a slice of that adventure, I’d have to stick with the show.

That individual taxable investment account was a start, but I’ve been moving forward ever since. I gave up the attitude and opened a 401 (k) and a Roth IRA. I began to see each contribution to my Roth IRA as a contribution to my long-term wealth, rather than just savings that I would one day use in doctor’s offices and at the grocery store. While that is probably part of this, there is still much more I will want to do in 40 years. And the sooner I start, the more I will do.

While I, 21, would be incredulous, she would understand the point. I am saving for the future, whatever it is. While accounts may say I’m saving retirement, my goal is still exactly what I always wanted.