Personally, I know many of them who will need that Social Security immediately. Some have moved fiscally up to management, and are in better shape fiscally, but many have been relegated down to "legacy support" or squeezed out of their companies to avoid retirement benefits, or have been working as contractors (which makes savings harder). Many of us were horribly battered financially by the dotcom bubble, and others by the housing market crisis where our savings and housing investments collapsed. Being out of work for a year, unplanned, while their "stock options" turned into so much wastepaper collapsed a lot of savings. It's been difficult for many of my older colleagues to keep their skills active and salaries in the middle class, especially if we lost businesses in the dotcom crash and had to start over. Others of us have invested heavily in families and communities, whether with direct finances or by doing careers that we loved, or have health issues that are eating their finances.
The combination of any or all of these has been fiscally devastating to many of my colleagues and predecessors. I've been very fortunate that my workplace values the experience and that the variety of systems we work with keeps my skills fresh. But many of my older technical colleagues have basically become unemployable, since they're "overqualified". And despite its illegality, age discrimination is still widespread, just as there is gender discrimination against hiring women who might become pregnant in IT.