Granted there are many seniors living very frugally, but if you are a senior playing golf or touring any number of attractions, you are probably not one of them.
What this all reflects is a mindset, a mindset that drives government policy. One thing to consider is that income in retirement does not necessarily equate to wealth. Also, if you have no debt and live modestly in a lower cost area you can live quite well on what others will conclude is living paycheck to paycheck.
But the larger issue is stated in the sign. You have from age eighteen or perhaps 22 or 23 to plan for retirement. Life choices along the way will largely determine your stutus in retirement years.
If you have, for whatever reason, been low income all your life, that will get worse in retirement. If you have been middle class all your life, that will get worse in retirement unless you have planned well and acted responsibly on those plans. If you have been upper income all your life, it will get worse in retirement and you have no excuse for not having adequate resources when you get there. If you have been wealthy all your life, you are on your own as well as expected to chip in extra for everyone else.
In any case, you had 40-50 years to see what’s coming. You had all those years to decide what to spend and what to save. Don’t discount now what it takes to have a secure retirement in forty-years.
Saving for retirement and paying for health care have one thing in common. They both come at the bottom of the list of spending priorities for many, if not most, Americans. That is something policy makers should understand.