Even middle-income and more affluent Americans seem to have trouble saving. Ultimately, retirement is a distant and seldom thought-about goal for many Americans. Few bother to find out how much money they will need in retirement, and few pay close attention to proposals to change Social Security or IRA regulations. If Americans aren't saving, they certainly are spending. Even more ominously, many Americans routinely rely on credit to finance their lifestyles and are deluged with credit card applications.
Baby boomers are as bad, but no worse, than other generations when it comes to living for today.
Many boomers admit they are compulsive spenders, and don't save enough for retirement. But neither do other generations, including those for whom retirement is much more imminent. The Effect Of Personality People's personalities affect how they think about retirement and how well they prepare for it. This sense that Washington is responsible for the looming Social Security crisis may be sustaining widespread public resistance to broad benefit changes. Such attitudes also lead to fraying loyalties toward the program.