Most people alive today including possibly myself might work till they die and this is unlike the dream of working were retirement is the promised land for career professionals. The goal is to go to school, study hard, get a job, live below your means, invest wisely, and enjoy the retirement dividend but this is only going to be a dream for so many people and they will see this day.
Although 2/3 of millennials work for employers that give them retirement plans, most of them do not have any personal retirement savings. According to fidelity, a person should have 100% of their salary saved at the age of 30, 3 times that amount at the age of 40, and 6 times at the age of 50 so as to be able to retire with ease but people aren't meeting up with this in recent times even people being paid a high amount as salary as higher income means higher goals.
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According to IRS, only 5% of working millennials are getting this right while others might be working till they die. This can be attributed to so many things one of which inflation is part of. You see, people are leaving school with lots of debts and it looks like they aren't going to be paying it off completely any time soon. When they begin to work, they start to pay for rent and save for a house which looks kind off impossible as a result of the increase in amount to purchase a house.
If it will take an average of 20 years to completely pay off student loans, then you can tell the age of the person if they begin work at 30 years. If they then decide to buy a home on motgage which averages at 20 years, then the person will be 70 years old before they can say that they are debt free and this doesn't include credit card debt and other payday loans. Other variables like starting a family, health and other things will also add to not being able to get a retirement saving.
Another reason people do not have anything in savings for retirement is because they do not want to worry about that. On paper, most retirement plans make sense, but in reality, they look like different layers of crap. People do not want to worry their heads about investing in the S&P 500 for a 10% return annually which would become 4% after taxation and they know that this wouldn't rake up to become millions if they hope to have a good retirement. Most people just want to live the life they have since they cannot say when they will be breathing their last.
Another reason why people will not want to invest for retirement is because it is slow and boring. People want to see results very fast, that is why they prefer to do ponzi schemes, and trade scams even when they know they might lose all their money doing so.
In navigating the shifting sands of retirement planning, one thing remains abundantly clear: the path to financial freedom is fraught with challenges and uncertainties. Yet, in confronting these obstacles with tenacity and ingenuity, we pave the way for a future where retirement is not merely a distant dream, but a tangible reality within reach.