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Yes

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Yes, it pays to save for retirement. The problem is that it may pay more for some than others. Your future retirement status is closely related to the income earned during your work life. Your disposable income is the source of funds to save and invest if it is limited so will be the amount available to put aside. Certainly there are exceptions and examples of super savers. We have all heard the stories of janitors about whom it was revealed at their death that they had stoked away a hundred thousand dollars.

Some may take a cynical approach to saving for retirement as a result of gloom and doom headlines about the projected effect of inflation or skyrocketing health care costs, etc. But for the majority, it may simply be a matter of irresponsibility and the lack of financial literacy.

Recent reports suggest that the majority of baby boomers have not saved sufficiently for retirement. A living for today' attitude may prevail, if not interrupted by the facts. Many people are allowed to remain in denial because once you get beyond high school and college; no one is taking you by the hand and forcing you to visualize the future.

The boomer generation might have been steered in the right direction, if they were made to visualize the kind of housing, community, transportation and overall lifestyle that will await them if they fail to save. Today's generation can benefit from online calculators and other tools that provide insight into their financial futures.

Couple cynicism and denial with an overall lack of financial literacy and you have a recipe for disaster. The failure of government programs to shore up personal finances will result in the financial burden spilling over to the larger society.

Learn more about this author, Ron Thomas.
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