I'm amazed at how many people I know with six figure household incomes that aren't saving a dime. I'm talking about people who chide me for my ten year old minivan. Many of these people live in nice houses, drive nice cars etc but are living almost paycheque to paycheque.
I think the government has so pandered to retirees that people don't fear the prospect of being poor when they retire because they figure the government will take care of them so why save?
FYI, if you are male and retire at age 55, you have a life expectancy of about 76, females about 80.