Why Is It Good To Save For Retirement? 
That is an interesting question ! The best reason is because Social Security and Medicare may not be there for you like it was for your parents . With the workforce dwindling because the baby boomers are entering retirement at the rate of nearly 10k a day , there are less workers to pay taxes into the trust funds that support it . Each of those 10k/day Elder Citizens now stop -LRB- or greatly reduce -RRB- the amount of taxes they pay in , and each becomes available for the benefits . Add onto that the increasing life spans , which means longer payouts , and a smaller pool now has to go a longer way . Then add into that the massive boom in disability payments , for those who would otherwise work , but are physically unable to , -LRB- up 73 % since 2000 , according to the Federal Reserve of San Francisco -RRB- and now that smaller pool is stretched even thinner . The average American on SSI draws approximately $ 1100/month , and nearly 55 % of them are living in poverty as a result of their belief that Social Security would be there to protect them . The Disability trust is expected to go belly up as soon as 2016 ; Social Security by 2024 , and Medicare by 2029 -LRB- Obamacare created extra payments to that trust that extended it by nearly 10 years . -RRB- Even the politicians in office now are not stupid enough to let them disappear altogether , but they 've shown no guilt about letting them shrink to the point that an Elder Citizen lives in poverty . What do you suppose those payments to you will look like when your time comes ? Me ? I 'm not counting on any , and I 'm planning and working the plan like crazy . I suggest you do too , unless you are one of the 1 % who wo n't need to ... Thanks for asking ! 