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My grandpa is 95 years old, supported three kids on a union salary from the local utility company while my grandma had the harder job raising three boys, retired over 30 years ago, and he and my grandma have lived on his pension and Social Security since then. They certainly aren't millionaires, but they have never been wanting for money, either.
Fast forward to today, I'm in my mid-late 30's, married to a woman who makes more than me, save diligently, spend wisely, have no children, and yet we are going to need to save exponentially more than my grandpa ever had to if we want to retire at the age he did.
What went wrong in such a short period of time? I would suggest the main culprit is the abolition of the pension in favor of 401k's, which effectively transferred the responsibility of saving for retirement from the company to the worker. What do you think?