Retirement is something everyone has to prepare for. With no retirement plan, what happens is they end up in retirement full of stress, living paycheck to paycheck. They spend what should be the best years of their lives, living in poverty trying to afford their next meal. Unfortunately, most people don't bother planning for it until it's too late.
My friend Rick ended up living in a broken down apartment because he never thought it important enough to plan for retirement. Rick was a smart man in his life. He went to college, got his bachelors degree. Rick even met his wife there. She ended up cheating on him with his best friend, obviously.
Rick never did think things through. In fact he never thought things through. He stayed in debt most of his life from buying cars, boats, a second house, along with his school debt. We would never tell him to stop buying stuff since we were just like him. We never brought as much junk as he did, though.
We all kept an additional savings account too, in addition to our 401k retirement saving account. Rick had too much debt to afford one, though. After awhile we all started to settle down. Bill met a waitress, got married, and bought a small house he had been saving up for.
Gary moved to another state and got married there. Eventually Rick stopped getting in more debt and found a small house to live in. I ended up living nearby with my fiancee. Things were really good for awhile. We had great jobs, great families, and we were living pretty comfortably.
Then came retirement. We all had to leave our jobs and live off our retirement funds from our 401k. I had kept a saving account with more money so Lily and I didn't have to change our lifestyle, luckily.
Rick on the other hand, was not so lucky. The debt he had quickly ate away his small 401k savings putting him on welfare. He ended up having to sell his boat that he never used, along with his vacation home. Of course that still wasn't enough, so he ended up having to sell his other car and move to an apartment.
Nowadays, Lily and I live in a house near the coast, completely stress free. I can't say the same for Rick, of course. Living in a crappy apartment, having to wait for the beginning of the month to eat sometimes. All because he never found saving for retirement to be important enough.