Tiktok’s hyper-realistic aging filter may help you make better retirement decisions — but not on its own

TikTok users are getting a look at their future selves, thanks to a new “aged” filter that’s gone viral on the social media platform. 

The filter gives users a hyper-realistic visual by mimicking skin and facial changes that happen with age.

“This is wildly realistic!” exclaimed one user before turning away in dismay. “I think I look good!” said another.

Financial advisors often recommend envisioning your future self and planning for that person you will become. Yet research shows many people fall short. A recent Bankrate survey found not saving for retirement early enough is the number one financial regret.

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The TikTok filter may nudge individuals towards that long-term thinking, experts say. But the question is how long those effects may last.

“It gives the feeling of stepping into the shoes of your future self,” said Hal Hershfield, author of the book “Your Future Self: How to Make Tomorrow Better Today.”

“Whether this will have an impact on retirement savings, though, I would be really surprised if it did,” said Hershfield, who is a professor of marketing and behavioral decision making at UCLA.

Exposure to our older selves is only part of the process of making decisions for retirement, experts say.

While the TikTok filter has recently made it popular to look at our future selves, this type of application has been around since the early 2000s, said Joseph Coughlin, director of the Massachusetts Institute of Technology AgeLab.

Once people see an image of their older selves, they tend to feel differently about their future decisions.  Whether those effects will last six months or a year from now is uncertain, he said.

Successful, lasting behavioral changes typically come with incentives to work toward, such as saving money or exercising, Coughlin said. But once the incentives stop, the behavior often does as well, he said.

Pairing the videos with prompts to save more money or invest more toward retirement may be effective, according to UCLA’s Hershfield. Otherwise, it’s unlikely people will separately take the initiative to log into their accounts and make financial changes, he said.

“The dots need to be connected for consumers, especially given how many other things that they have to think about,” Hershfield said. 

Other research shows we may be hardwired to think short term. 

Many people have a self-control bias, which means they are wired to be “spenders rather than savers,” said Victor Ricciardi, a visiting finance professor at Ursinus College and co-author of the book, “Advanced Introduction to Behavioral Finance.”

Different types of personalities can also come into play when it comes to saving. For instance, a person who is more of a planner or analytical thinker in their daily lives is more likely to think about their future self, versus someone who takes more risks, Ricciardi said.

Moreover, seeing their older selves may prompt some people to focus more intently on living for today, said Carolyn McClanahan, a certified financial planner and founder of Life Planning Partners in Jacksonville, Florida. She is also a member of the CNBC FA Council.

But that approach may backfire when someone does reach retirement age.

On the flip side, research shows that if people make emotional connections and think about the money they will spend in the future, it will help incentivize them to save, said Ricciardi.

The good news is that planning for “future you” now can pay off substantially in the long run. 

Just about a quarter of why someone dies at a given age is due to genetics, according to McClanahan, who is also a physician. The rest is mostly lifestyle.

“The best way to prepare is always keep yourself physically in good shape,” McClanahan said.

Additionally, when it comes to money, the earlier you start, the more you will benefit from compound interest — whereby the money you earn gets reinvested and earns even more.

Here are three ways to make smart decisions that benefit you now and in the future.

1.  Focus on creating financial flexibility. Rather than focusing on retirement, think of saving as a way to give you more choices in the future, McClanahan suggested.

2. Pay attention to how much you spend. If you have a high-cost lifestyle that will not only cost more now, but will also require you to save more towards retirement, McClanahan said.

3. Think of yourself doing everyday activities. To be more inspired to plan for your future self, it helps to realistically picture who that person will be and what they will need, Coughlin said. Ask yourself how your older self will approach everyday things like who you will have lunch with or how you will get an ice cream cone. “Sometimes your goals are simple and the things that make you smile, Coughlin said.