I know people in my age group (GenX) who have not saved even a penny for retirement. And these guys are in good jobs in tech with access to generous 401ks. They

I know people in my age group (GenX) who have not saved even a penny for retirement. And these guys are in good jobs in tech with access to generous 401ks. They just spend their whole paychecks, and more via borrowing. If these guys (who definitely have the means to) won't save, I don't understand why we think "personal savings" is overall a viable system for taking care of the elderly. There is going to be a huge amount of either 1. misery or 2. bailouts in the next 30 years as GenX and Millennials start retiring.