I have been reading “Willpower: Rediscovering the Greatest Human Strength” by Roy F. Baumeister and John Tierney. It is fascinating reading to understand how as humans we set ourselves up for failure essentially because we exhaust our willpower. Consider these key findings from Burmeister’s research:

1. The #1 reason people feel they fail is because of a lack of willpower.
2. We spend 25% of our daily existence resisting temptations (which depletes willpower)
3. People succeed about half of the time when it comes to resisting temptation.
4. Willpower requires energy (which is why you don’t feel like working out when you get home from work).
5. Stress depletes willpower
6. The “Believe and Achieve” philosophies professed by people like Norman Vincent Peale and Napoleon Hill fueled the stress that achievers and wannabe achievers feel. (Again, stress depletes willpower)

The implications from Baumeister’s studies revealed in his book serve to explain why so many Baby Boomers have a hard time developing any sort of retirement plan. As I discussed in my blog post “5 Ways to Build Retirement Planning Momentum” 60% of Americans who were surveyed stated they don’t do any financial planning because they don’t have enough time. Being too busy on too many conflicting goals leads to stress and as Baumeister discovered stress depletes our willpower. It’s why millions of Americans will start our 2014 with a list of New Year’s resolutions and will promptly quit in frustration in March. It’s why the health clubs are packed in January and back to the normal crowd at the end of February.

No one has enough energy to get in physical shape, start a financial plan and start a woodworking hobby. As the saying goes, “something’s gotta give”. So you end up doing one or none with reasonable success and end up getting frustrated that you can’t do all three. You have lost your willpower.

So how do you keep your willpower and get some momentum in 2014 as it relates to your retirement plan?

1. Give yourself a chance to succeed. Just because you don’t have a retirement plan doesn’t mean it’s too late and/or you can’t have a plan. Yes you can! Start today. Quit beating yourself up over what you didn’t do and put a stake in the ground and proudly say, “I’m starting here”. Check out my posts on budgeting for a great place to get started.
2. Pick one goal to start working on it and forget the other “resolutions” for now. Use your willpower to get going on the most important goal and enjoy your progress with that goal instead of getting stressed over all of the goals you set yourself up to carry around like a big gorilla.
3. Get rid of the conflicting goals. You can start saving more for retiring once you put a budget together. Those are compatible goals. Trying to stop smoking and trying to lose 20 pounds – those are conflicting goals and you will certainly deplete your willpower while trying to tackle both of those. Again, pick one and go for it and succeed!
4. Know your limits. If you find putting a budget together or working on some other part of your financial plan is taxing then take a bite out of it when you are refreshed. Maybe that’s Saturday morning or first thing in the morning. If you try to tackle it when you get home from work I guarantee it won’t get done unless…that is a time when you find you have a burst of energy. If you find yourself getting frustrated then your willpower is depleted.

Think of the times when you have enjoyed success either at work, at home or with a hobby or other interest. You succeeded because you had a store of willpower and you could exercise self-control at will. It reminds me of what one of my former football coaches at Stanford told me. It was the late Bill Walsh who said, “Nobody performs best under stress. You need to minimize stress to have the best results.” If it works for world class athletes then I say it has to work for us. Plan well. Live better and keep your willpower topped off!

Time Out! What one thing do you want to accomplish this year regarding your retirement plan? You can leave a comment here.