In 1970, Stanford conducted a psychological study in which children were offered a marshmallow and given a choice between eating the marshmallow immediately or waiting 15 minutes to be rewarded with two marshmallows. Appropriately named “The Stanford Marshmallow Experiment,” this famed study on delayed gratification demonstrates that if you can stand the wait, two delayed rewards are better than a singular immediate one.
When it comes to retirement, there are a variety of strategies at your disposal. The real question is, would you choose an account that gives you one marshmallow now or two marshmallows later on? In this episode of Money Script Monday, Luke provides a story reflecting various retirement plans to demonstrate how taxed, tax-deferred, and tax-free account structures can drastically affect an individual’s retirement.
Resources Provided for This Episode
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