> It is what makes the concept of "retirement" possible.
Sorry, I disagree. What makes retirement possible in highly advanced economies is a national pension. In the US and many other rich countries, a huge portion of elderly, retired people only live from national pension. It is scary how many poor, elderly people exist when you look closely. The vast majority of Americans will retire with zero or "peanuts" in their 401K, or spend it down very quickly, then become 100% dependent upon national pension ("Social Security") or their family/children/charity.
On a personal note, each time one of my co-workers shares about their retirement savings, I am shocked by the tiny amounts. They will retire into "virtual" poverty compared to their current compensation. They are living for today, not tomorrow.
On a personal note, each time one of my co-workers shares about their retirement savings, I am shocked by the tiny amounts. They will retire into "virtual" poverty compared to their current compensation. They are living for today, not tomorrow.