While retirement planning can be a big goal for some people, the majority of people are shortsighted and plan for short term goals, but not "long term goals," like retirement. This is saddening.

Here are 5 reasons why the majority is focused on other goals instead:

1. It is “selfish” to plan for retirement because I have responsibilities

If you had to as yours, which is the most important financial goal of your life, you’d probably say, a debt free life, starting your business, buying a house for yourself, education and marriage in the house or your own etc. But retirement will still be the last answer or maybe not even the last. Why, though?

Because it seems too selfish when you say it out loud? Because you feel guilty for thinking about your own happiness and security. Isn’t it sad? It is your hard earned money, so why all that guilt?

It makes no sense to push this for other goals, right?

2. Because it’s too soon to plan!

At 30, you feel that it’s been just a few years since you started your career. Retirement is not the top most thing in your mind right now. Because your focus is buying that house, car or to get your investments in order. So you just run behind the goal of earning more and more money. Because you are still YOUNG.

To be honest, thinking about retirement plans at such a young age is too much for most people.

But here’s the problem, most people are stuck in the “I am too young” phase till they hit their late 40s. By then it is too late to start. Despite the fact that retirement is very far away, you need to understand that at the end, you will need a large sum of money, so the earlier you start, the better.

3. The goal is too vague to “visualise”

We tend to live in the moment and have a hard time predicting what our lives will be like after ten or twenty years. It sure is difficult to do so.

In most cases, people who earn sufficient money do not realise just how tough it will get when they do not have enough retirement corpus or how serious it is to plan for retirement. The SMS – “Your salary XXXX amount has been credited to your account” will permanently cease one day and they will only have about 40 years left to live.

4. Saving money is difficult

People do not save for retirement because they simply do not have any surplus at the end of the month, which is logical as well; incomes are not increasing, while expenses are growing, and saving is becoming increasingly challenging, especially for single earners living in a large city with five to six people.

It is still possible to build a good retirement corpus if you save 5,000 - 10,000 rupees a month at least. Sure, you won't be rich, but at least you'll have something to fall back on.

This is slow but steady wealth creation for retirement.

5. Looking at kids as their “investment” for old age

Most people find it difficult to think logically here. There are many people today who want to give the best to their children and raise them as amazing people, but do not expect anything in return from them.

A large portion of the population expects their kids to take care of them, since they have also raised them and spent all their lives with them. Almost like a give and take. Children are the ultimate retirement plans for them.

What are your thoughts on this? Do let us know in the comments below.