[disneysteve]

Scanner - I think you make some valid points but I also think you are missing some things.

1. Only about 20% of workers have pensions today. Years ago, the figure was more like 80%.

2. Overall, people are living longer, healthier lives. My mom is 76 and is in great shape, still driving, traveling, working part-time, etc. I have patients who are still working full-time jobs in their 80's (not because they want to but because they can't afford to retire).

3. That $2.5 million is in today's dollars. Factor in 20 or 30 years of inflation and that number isn't as high as it sounds.

4. We have no idea what we will get, if anything, from Social Security when we retire. so we need to save as if SS won't exist.

5. The big unknown is the future cost of healthcare. As you pointed out, for many seniors, healthcare becomes a major issue. If I need to cover more of those costs on my own in the future, I need to be saving for that today.

Ultimately, it also depends on what type of retirement you envision yourself having. I know numerous current retirees who travel quite extensively and these are not folks who earned high wages during their working years. But they lived below their means and saved for the future and are now enjoying the fruits of that labor. Of course, I also know retirees who are quite content to putter in the garden, spend time with family and go out to eat once in a while, and they need far less money.

I doubt many people retire and say, "Boy, I've got way too much money." But I'm sure lots of people say, "I don't have nearly enough."