>a generation didn't prepare appropriately for old age
This will have a snowball effect because their children will need to support them and save less for their own retirement, then their children's children and so on.
In all fairness, it's tough for most people to save with massive recessions/depressions with mass layoffs every 10 years and near zero interest rates on savings accounts for 20+ years now. Add to that wage pressure from offshoring and things like NAFTA and 2-3% regular inflation targets.
Also, the government won't keep social security payments up with inflation and they tax it. Just more ways to keep the people down. If only we spent the $34T we now have in debt since the 80s on something less frivolous.
This will have a snowball effect because their children will need to support them and save less for their own retirement, then their children's children and so on.
In all fairness, it's tough for most people to save with massive recessions/depressions with mass layoffs every 10 years and near zero interest rates on savings accounts for 20+ years now. Add to that wage pressure from offshoring and things like NAFTA and 2-3% regular inflation targets.
Also, the government won't keep social security payments up with inflation and they tax it. Just more ways to keep the people down. If only we spent the $34T we now have in debt since the 80s on something less frivolous.