Why do people save so much?
When I am old and retired (70 years +), I don't plan to spend a lot of money. I'll be living in my own house that is already paid off at that point, so no rent or mortgage payments. Since I don't need to get to work every day, I wouldn't need (or want) a car, and would probably use a bicycle or maybe some cheap future-scooter... or just walk. In terms of activities, my life would revolve around my family, watching sports, a number of other low-cost hobbies to keep me busy, and intellectual studies (learn some of the sciences). My country has universal healthcare, so medical expenses are not a worry.
Really, my only real expenditure will be food on the table every day, and helping my children out if they need it.
Money is what I need/want now. House, car, insurance, gas, clothes, shoes, restaurants, vacations, etc, etc, etc, etc.
With all that in mind, I am a bit confused to hear so many people talk about how they save 15-20 % of their income, despite often being young (as low as early 20s!).
I can't understand that. What are they doing it for? Why do they need so much money as old people?
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