-Sharing some kind of home with 2-4 other friends with no retirement income (other than Social Security)
-Living in subsidized housing
My own situation is why I drill it into my kids to start saving NOW. I don’t care how little, just put something in an IRA. They are 19 and 21 and truly enjoy their “golden years” if they listen. I haven’t won them over yet, but I have them seriously thinking about it.
For myself, at age 43, I don’t have time to waste to make a plan. I am aggressively paying down debt so I can start saving more in my IRA. I am in the process of negotiating my student loans into the income based repayment program. Once I do that, the downside is I will pay for them for 25 years. The upside is they are paid in full at that point (whether there is any balance or not) and my payments will be quite low for the duration. My only other large debt is my car. I owe just over 13k at this point and plan on adding to that payment once my credit card is paid off in a few months. My car should be paid off by the end of 2014.
I will then take that payment and put half away for the expenses of eventually replacing my car and the rest will go to my IRA. By 2015, I hope to full fund an IRA every year.
If you haven’t started saving for retirement because you think you can’t afford it, trust me, you can’t afford NOT to do it. Even if it’s as little as $25 a month, do it! Every little bit helps.