I have never been able to participate in a 401k. However, I do have IRA’s. Most of my knowledge has been gleaned from reading and trial and error. I just wrote an article about what I want when I retire. I wonder if any of the people who are at the median or below ever think of the future at all. Do they think it will not come? Do they want to work till death? Who knows?
What I do know is that $ 18,000 in retirement savings will not be enough. I hope the companies and the employees will continue to encourage saving for the future. Social Security is not going to be enough for most individuals. However, for high income folks who have amassed a fortune, it will just add cash to the pile. For those who spent it all along the way, it will be a far cry from what is needed for most of their future lifestyles.
It is never too late to save for the future, and there is no better time to start than the present. Hopefully, those who read that article will see some kind of lightbulb go off and get moving in the right direction.