Reply to Why are people obsessed with putting $$ in retirement?

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Reply to "Why are people obsessed with putting $$ in retirement?"

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[quote=Anonymous][quote=Anonymous]I don't understand. Wouldn't you want to enjoy the majority of your money while your young? People put so much into their retirement and try to enjoy their earned cash when they are 65+. I understand putting SOME money away but not a majority. [/quote]

Any combination of the following:

1) because one may be concerned about being a financial burden to their future children during old age (look up the sandwich generation - it's when your parents are frail, broke and require expensive care and you're raising small children with all the expenses that come with it)
2) because one may want to leave something to their future children financially - build a legacy, pay for grandchildren's education
3) because there is no certainty in what condition your health will be and how long you'll live. You may be an active and robust senior and die in your sleep at 95, or you may have Alzgeimer's and require 20 years of skilled nursing and memory care.  The Medicare beds are in horrible bare bones institutions, and even they are not easy to get
4) because some people sleep better at night knowing that they are independent and self-reliant, not needing handouts ("rainy day")
5) tax breaks
6) goal of early retirement requires early and consistent saving
7) cultural reasons (protestant life ethic of moderating consumption and balancing it with saving and charity, for example).[/quote]

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