Poorer individuals, who need retirement most, don't tend to live as long. Millennials and Gen Z are already victims of old, no-longer-applicable narratives (e.g. save cash, avoid debt, go to college...) and these ones about life expectancy will likely be added to the pile and used to disenfranchise us more while having no connection to reality.
Saving cash was actually a fine strategy when cash was backed by gold or even (to a lesser degree) some time later when the national debt wasn't over $30 trillion - This massive public debt is forcing the government to print money at a rapid rate to cover interest payments and this is creating enormous inflationary pressures. Society has become totally distorted around the goal of keeping this scheme going, the distortion has permeated every facet of human existence.
Avoiding debt was a good idea when interest rates were high. In the modern age where money is not constrained by scarcity, interest rates have been low. Banks have been loaning out the people's money at near 0% interest rates; often towards the goal of helping corporations to monopolize industries; if it was YOUR money, would you loan it out at near 0% interest rate? It doesn't even cover inflation, let alone the risk of default... Yet the government has been doing exactly that with the people's money; YOUR money. The situation has never been so generous towards borrowers and so bad for taxpayers.
Going to college used to be a good idea as it would allow you to stand out among your peers and guarantee you some sort of management/coordinating role. Nowadays, everyone has a bachelor degree and those who have a PhD are over-educated to the point that they've lost their sense of pragmatism. It doesn't allow anyone to stand out. Education feels like some scheme, disconnected from value-creation.
Saving cash is currently a bad idea I'll grant. However I was inclueing sevings in things like the s&p500.
debt is note as bad as it used to be, but most people are not using it for things that grow in value. You talk about 0% interest - but a car loan has much worse payback rates.
Sure, but one of the reasons that people have fewer children is a bigger risk of downward mobility. The cost of raising a child to an expected middle class living standard has increased substantially.
many of those costs are optional. You don't have to put your kids in dance, karate, soccor, ... However many do, and all those things add up in costs.
Speaking as a parent, there are plenty of options, some are really expesnive, and some cheap. You can choose which to pay for.
note that the things I listed above are fun, but won't get yoru children into a great college and thus won't ensure a better life for them and yoru grandkids. Choose wisely where to spend your money.
