Should you wish to work (or beg) to the grave, there's really no need for retirement savings I guess. Many Americans are acting like that's their plan with the latest scant savings rates.
Newly released stats show the medium retirement savings among all working-age household is a mere $3,000. The savings for near-retirement households is $12,000. These numbers come from the National Institute on Retirement Security, a non-profit research group.
I've to assume that the word households means families, so the savings rates likely reflect combined rather than individual savings. Rather pitiful and downright scary. The study shows people are saving around one to three percent of their income for their old years.
My wife and I've been big savers over the years, living below our means and doing without until we had the cash to buy. Among other things, we purchase used vehicles. Our highest mileage one has 256,000 (it's a 1995 Subaru). Exception to cash was our home, which bought 23 years ago, paying off a 30 year mortgage in 18 years.
Discipline produced extra money to put away for retirement. We' done well and really denied ourselves very little. Yes, we use flip phones. $52 a month for both.
Savings is a lifestyle that one gets better at while one works toward that end.
The motto we live by is on our refrigerator door:
Use it up, wear it out.
Make it do, or do without.