We’re often told that actions — or lack thereof — have consequences. Indeed, this is the time of year where many a stressed-out parent often falls back on the admonition from that holiday classic “Santa Claus is Coming to Town” — you know, “you better watch out, you better not cry…” because Santa is keeping tabs.
That said, a few years back — when my kids were still “kids” (and “believers”) — we stumbled across an ingenious website; one that did more than caution. It actually purported to offer a real-time assessment of one’s "naughty or nice" status. Our parental admonitions notwithstanding, nothing we ever said or did had the impact of that website — if not on their behaviors (they were kids, after all), then certainly on their level of concern about the consequences.
In fact, in one of his final years as a "believer," my son (who, it must be acknowledged, had been PARTICULARLY naughty that year) was on the verge of tears, distraught that he'd find nothing under the Christmas tree that year but the lump of coal and bundle of switches he surely “deserved.”
‘Naughty’ Savers?
Arguably, there are plenty of websites available to workers to check on their status as “naughty” or “nice” retirement savers. Despite that availability, surveys consistently indicate that they are, for the very most part, disinclined to do so[i] — perhaps because they, like my son once upon a time, feared the answer.
Nor is there much sign that those fears ever translate into improved behaviors. Indeed, it often seems that, their bad savings behaviors throughout the year(s) notwithstanding, some think they'll be able to pull the wool over the eyes of a myopic, portly gentleman in a red snow suit, or perhaps pull off some kind of compounding “magic” with some last-minute savings scramble.
Not that they actually believe in a retirement version of St. Nick, but that's essentially how they behave, even though, like my son, a growing number evidence some concern about the consequences of their "naughty" behaviors. Also, like my son, they tend to worry about it too late to influence the outcome.
Of course, the volume of presents under our Christmas tree never really had anything to do with our kids' behavior. As parents, we nurtured their belief in Santa as long as we thought we could (without subjecting them to the ridicule of their classmates), not because we actually expected it to modify their behavior (though we may have hoped, from time to time), but rather because we thought that children should have a chance to believe, if only for a little while, in those kinds of possibilities.
We all live in a world of possibilities, of course. But as adults we realize — or should — that those possibilities are frequently bounded in by the reality of our behaviors. And though this is a season of giving, of coming together, of sharing with others — it is also a time of year when we should all be making our list(s) and checking them twice — taking note, and making changes to what is naughty and nice about our behaviors, savings and otherwise.
Yes, Virginia, there is a Santa Claus — but he looks a lot like you, assisted by "helpers" like the employer match, your financial adviser, the investment markets, and tax incentives to save.
It’s time to do more than just make a list — but it’s a place to start. And there’s no time like the present.
Happy Holidays!
- Nevin E. Adams, JD
P.S., Incredibly, the Naughty or Nice site is STILL online (at http://www.claus.com/naughtyornice/index.php.htm) — so check it out — cause you just never know…
[i] Which should, of course, cast skepticism about the accuracy of their guesses as to what their retirement needs are, much less their current level of savings.
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