I started investing in my companies 401K the day I qualified (was no longer a probationary employee) at age 23. I opened my IRA account about 10 years later.
I started out at 6% of my earnings so as to get the maximum company matching and gradually increased my savings rate over the years.
I started investing in the 401K mainly because I have always read the news voraciously. As early as 1980 I came to understand that Social Security eventually had to fail and that it was unlikely to be around when I retired.
The forecasts were true and SS has already failed and is on life support. Its income is exceeded by its expenditures and this shortfall will only increase overtime unless congress does something to remedy this imbalance. Any remedy will be a political battle and likely a nightmare for those of us that planned for our retirement.
You chose — wisely. :-)
I don’t see SS going under. It has the support of Congress and every recent President we’ve had. The politicians will do whatever they need to do to keep it going.
I now get my check and every bit helps.
They assume someone will care for them. Someone else has always come through for them.
Or, they simply refuse to look at the future.
It takes a desire to be independent to look to the future and prepare.
Large numbers of people simply float through life without any concern for consequences.
The entire socialist movement is based on removing consequences for people's poor choices.
I know a woman who made mostly bad choices, because bad choices were the default position. Even when counseled and explained, when the talk came to money, she simply said "numbers, I don't do numbers".
A hundred years ago, those who refused to save and be thrifty suffered enormous bad consequences in the first year, mostly.
Now it goes for decades, and even then, many do not suffer much in consequences.