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Even if you decide to not worry about short-term consequences, the long-term impact of not saving is huge. The ability to retire comfortably or even to cut back on the 50+ hours a week we all work to stay afloat is in deep jeopardy.
First of all, the double-edged sword is that we're all living longer and living better ... almost 80 years on average. Second, companies no longer provide defined-benfit retirement plans (look what those did to the airlines and automotive industries). Finally with the shift in population from 20 workers / retired person in 1980 to 4 /1 now (and projected to be 2 / 1 by 2050), social security benefits are going to be smaller and available much later in life.
It is each individual's responsibility to save for later ... or work until you drop.
posted 3 years, 10 months ago
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