Read the following article.
Two thoughts come to mind; we have one hell of a crisis coming at us in twenty years or so and these excuses are pure BS. If these folks are counting on Social Security they are going to have a rude awakening because just to keep Social Security going as is will require higher payroll taxes (giving them less money to spend) or lower benefits (giving them less money to live on if they ever can retire).
Clearly being unemployed can hurt the retirement cause temporarily, but beyond that ones lifestyle needs to reflect income after saving, not before. Yes, that means you may not be able to afford certain things, but you don’t put those things ahead of saving. Many Americans have a distorted set of priorities and definition of affordable. Too harsh? Ask older Americans how they lived and managed to survive.
What’s your opinion?
Eighty-one percent of working-age people said that saving for retirement is not their main priority, according to HSBC’s latest annual The Future of Retirement survey.
According to the survey report, the global economic downturn has had the greatest impact on pre-retirees’ ability to save for retirement. Thirty percent of those surveyed said the global slowdown has had a direct effect on their ability to save; 27% of said becoming unemployed has affected their ability to save for retirement; and 27% cited mortgage obligations as an impediment to saving for retirement.
Shockingly, one-quarter of all pre-retirees said they are not currently — or do not intend to start — saving specifically for retirement. And 20% of those nearing retirement (ages 45 and older) indicated they are not now saving and do not intend to save for retirement.