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News Link • Economy - Economics USA

Know What You’ll Look Like in 30 Years — Maybe Then You’ll Max Out Your 401(k)

•, By Marcus Wohlsen
 Chances are good, however, that you’re not saving enough for your retirement. To convince you to sock away enough gold for your golden years, Merrill Edge has launched an online magic mirror to remind you that you won’t be forever young.

Face Retirement lives up to the catty double meaning in its name. Using a facial aging algorithm, the web app snaps a photo of you with your laptop’s camera and then shows you what you’ll look like at 47, 57, 67 and so on, all the way to 107.

The wrinkly, saggy results aren’t pretty. And that’s the point.

In a 2011 study cited by Merrill Edge (Merrill Lynch’s online discount brokerage), Stanford behavioral economics researchers say that we’re often reluctant to save for retirement because deep down we don’t identify with that older person we’ll one day be: “To people estranged from their future selves, saving is like a choice between spending money today or giving it to a stranger years from now.”

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