Literally the bottom half of America can not afford to save anything and a huge swath are renters/have decades to go on a mortgage. Unless more people take on their parents/relatives living with them I foresee a major problem ahead where social security doesn’t even cover the basics and jobs today don’t provide pensions; the 401K is piddly compared to pensions and the cost of living is so high people at the bottom have little to no personal savings for emergencies today let alone retirement.
If their families don’t take them in what happens to all these people collecting $1200-$2000 a month in social security with $5,000 life savings and a 401K worth $58,000? People will run out of money within the first couple of years if not months in the most extreme cases.
The upper half isn’t missing a beat with good jobs and typically inheritance money passed down at some point, but we’re talking upwards of 40-80 million people in the 2030-2050 stretch who will not be able to sustain retirement.
On top of pensions not available, 401 plans with under $100K in them, no savings and they forecast social security to be bankrupt in a decade, this will be cataclysmic.