Throughout history, very few of the 25-34 yo group were in a postion to save for retirement. They were focused on trying to buy a home to start a family in or for a growing family. As it should be. As home prices and interest rates rise (as they did in periods of the past), it is best to get in while the getting is good.
I’m with UCGal, except that she is including some Gen X-coworkers in her post. I don’t see a terrible catastrophe on the horizon with boomers being able to retire. Like myself, most lived below their means (during some periods of their life FAR below their “means”) in order to amass savings. I utilized all of the savings methods UCGal mentioned and more while a FT “worker bee” and still do today. Add to that method cheaper (sometimes MUCH cheaper) ways to get good food (yes, fresh). Suggestions are all over the internet so I won’t mention any here.
With a small DB pension, SS and savings, plus possibly a PT gig for awhile, I plan to do fine in “retirement.”
The elephant in the room for boomers and later generations is catastrophic illness before the age of 65 and having inadequate medical coverage or none at all. I can’t emphasize enough how important it is for all CA adults who can’t qualify for CMS or MediCal to carry at least an HDHP (most of them have preventative-health benefits with zero deductible) if one does not have coverage through an employer, ESPecially if they own real property (which is subject to lien by Medicaid/MediCal without a court filing). And there is something to be said for healthy living. Continually buying a half-dozen supplements at CVS, taking them regularly and buying a gym membership (and using it several times per week) is a LOT cheaper annually then just having ONE non life-threatening medical issue annually that needs to be treated due to NOT doing the above.
Since retirement is either looming nearby or upon them, every boomer will eventually “retire” within their means. If that means living with one of their kids, in a mobile-home park in the nation’s midsection or leaving the US entirely, that is what they will do. In any case, many US-citizen boomers will likely be able to qualify for “lifeline” phones and utilities and tap into their neighbor’s secured router by bartering, etc, to defray monthly expenses.
Re: boomers, I don’t see where all this concern is coming from. Not everybody wants to jet around the country and world and stay at five-star hotels in their “retirement,” even if they could afford to do so.
Who we should be focused on are current under-50 crowd, most of whom have gotten “used to” a particular “lifestyle” which they don’t want to give up in order to save (or save more) for retirement. I feel many, if not most of THEM will end up as indigent retirees seeking social services. THAT’s the mammoth in the room, IMO.
