Retirement saving is something we’ll all need one day but many people have no retirement savings or very little retirement savings.

In the discussion about what a good income is, a few people mentioned being able to save money but most people were focused on living comfortably, paying current bills and maybe being able to afford a vacation.

About half of American family’s have $0 in retirement savings account. Even those in their 50s and 60s nearing retirement have little saved on average. Only 31% of millennial are contributing to a retirement account. Saving when you’re younger is actually the most critical time to do it to take advantage of compounding and it’s much much harder to catch up on retirement savings if you start late.

The idea of relying on social security to be there for me when I retire or to be adequate to support me is terrifying. I don’t trust that it will be around or if it is that it would be anywhere near enough to support me so I started saving for retirement when I got my first real job. It’s also scary that a crash in the stock market can wipe out a savings account but I figure it’s still the safer bet.

Now, many people live paycheck to pact check and struggle to put food on the table. It’s understandable that they would be unable to save for retirement.

But, for those above poverty level, I think it’s irresponsible not to save for retirement. Or short sighted at best. I think savings (in general and retirement in particular) are not prioritized nearly enough.

So, is it irresponsible not to save for retirement? If you aren’t saving for retirement, what’s your plan for when you retire?