Many don't go back historically, 'Boomer' generation from day one of employment were paying into a pension fund, over and above other expenses. Youth coming into employment market are financing elders keeping kitty going, promise was the same would happen for them.
Things went wrong when pensions were no longer enforced, looked upon as something to consider later in life. A person saving from 18 to 65 will have far more in kitty to rely on.
Not all boomers continue living in grand large homes, downside automatically or allow family members remain living with them to assist them try grow in this tight market today.
Care giving homes are expensive, therein lies a problem if sufficient pension funds not saved. Insurance, unfortunately many retirees cannot upkeep with medical aid costs, once you stop paying they stop servicing account which is exceptionally expensive everywhere. Referring to my region, each country structured differently, under Apartheid the pension laws to my knowledge only enforced on white working class.
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The whole thing was always a money skimming operation.
A ponzi scheme that could only continue on if each generation was bigger and richer than the last.
With the Fed/IMF inflation (money printing) is always higher than any risk free investment. So, you have negative real interest rates. So, you really cannot save for retirement.
We all cannot save for retirement. (meaning Social inSecurity)
The only way is to have the children pay for the adults.
Of course, this old structure is going to collapse. But, then what? Yes, they paid in, but there is nothing left. Think of Gen X who paid all their lives, for nothing.