I'm a gen X'er and I *know* I won't have a pension. Even if I retire, the government or the pension providers will default on me - either through inflation, or just because the damn pension providers will flatly announce they just don't have anything left in their coffers. I know this because they've already done it to my dad, who was born in the silent generation. So it's nothing new, but it sure won't get no better.
So, I'm not putting any money in a system that'll shaft me and I'm not saving anything for old age - most likely I'll be working until I die anyway.
What I do instead is, I enjoy as much free time now while I'm still young: I found me one of the last "old-style" jobs still available that lets me work 36 hrs/week with unreasonably great pay, in a heavily unionized old company that does business in a market that doesn't know the word recession.
In other words, I've maximized my salary/work ratio and I do as little work as possible to enjoy life the the fullest while I'm still in a condition to enjoy it. Time enough when I'm old and decrepit to kill myself at work for a living.