It seems that there's a crisis looming ahead: a lot of Americans aren't socking anything away toward retirement; 36%, in fact. And while it's understandable that nearly 70% of the 18 to 29 year-old set isn't saving up, since they're generally low on the earnings totem-pole and have a hundred grand or so in student loans for that coveted art history degree, it's more worrisome that a full third of the 30 to 49 year-olds have likewise stashed away exactly nothing. Even worse, the same goes for over a quarter of the 50 to 64 year-olds.
What, exactly, the heck is wrong with these people? One of the top causes of bankruptcy among older folks is down to medical expenses (understandably, in my experience, having forked over some $40,000 during the past couple of years despite having been healthy as a horse throughout life - up until then). These folks have been getting regular cost-of-living pay increases through the course of their working lives; why would they not dump that 2% or so into an IRA or similar venue? It's not as though it's a noticeable thing, much less a hardship.
Having been convinced that So-So Security was unlikely to be there for me when I retired, given how Congress kept raiding the "lockbox", I started dumping COLAs into accounts years ago; as a result, when the young "managers" became unbearably obnoxious, I was able to bunch it and retire while still young enough to enjoy life. In contrast, these folks seem destined to become parasites, sucking the financial blood out of the rest of us simply because they refused to take responsibility for themselves.
How else do you hit the 50 to 64 age-range and have nothing to show for it?