The pensions marshmallow experiment
Jan 28, 2024
In 1972, Walter Mischel, led an experiment at Stanford University.
This relates to pensions… trust me.
In the experiment, 50 kids were given the choice of 1 marshmallow now, or 2 if they waited 15 minutes ⏳. The kids who were able to wait went on to have way better outcomes in many areas of their lives, from health, to relationships, to career.
Today, millennials are in a modern version of Walter’s experiment.
Thinking about pensions is about as exciting as thinking about marshmallows you’ll eat in 30 years’ time. Because you don’t really care about 30-year-old marshmallows, you just don’t think about them.
Back to pensions. Your ability to consider your #retirementgoals may be the difference between a standard and an adventurous retirement. I’m not suggesting becoming a pensions-expert, but you could start by thinking about the following:
1️⃣ Maybe increase the % of your salary going into your pension? Currently it’s at the national minimum.
2️⃣ Will you be able to pay off your mortgage before retiring?
3️⃣ Download Penny and bring all of your pensions into one place to keep track of how much you’ve got.
4️⃣ How much do you think you’ll need for the retirement-lifestyle you want?
Play your cards right and by the time you’re ready to retire you could have millions of marshmallows 🍬.