Don't expect the government to come to the rescue just because you failed to plan for the future.
Of course. But to be frank, you can't even count on that nest egg being there, even if you scrimp and save. There are a ton of ways Wall Street, with the cooperation or active abettance of the US Treasury, can either seize that nest egg, or fritter it away via inflation. Just study the details of economic collapses (starting with Great Depression, particularly Germany, but also look at foreign economic collapses, whether its Argentina, Norway/Sweden, the Asian currency collapse in 1998) and recessions (stuff like the S&L collapse in the late 1980's).
The last near-banking collapse in 2007-2008 should be quite instructive as well. After 75 years of no banking scares, the US/world economic systems nearly collapsed like an Argentinian bank. Basically, the US Treasury and Federal Reserve bailed out the banks by buying their toxic assets, and the 0% interest Fed lending window; the alleged 2009 infrastructure spending bill of under $800 billion dollars was a sham. The banking system didn't even go into near collapse by subprime mortgage loans, they were less than 5% of the entire loan market. It was the unregulated derivatives gambling posed in part by the subprime loans which threatened the entire system, and the short lending that suddenly wasn't there when Lehman was declared bankrupt. And look at who went to prison for the chicanery? Hell, that fucker Jamie Dimon still has a job after the London Whale fiasco lost $6.8 billion dollars. And now Trump and the banks want to reduce SEC regulation and oversight??? And now I'm supposed to "trust" Wall Street and the Fed Reserve ???
Did you really require that last iPhone, TV, new car, gaming-system, vacation-trip, restaurant-visit, bar-visit or could you have skipped it or bought something cheaper that provided the same functionality and saved some $$ for the future?
You see, you're part of the bullshit. A shitload of people don't even have the spare cash for recent model iPhone, or meal at a restaurant. I'm supposed to give up all alcohol for the next 40 years, because if I do that, and invest wisely, I am guaranteed that nest egg will even be there? Its not old people (unless they're poor) giving up cable TV service.
And the young people that builds up debt for school for taking some obscure classes that will never result in any money..
And really, all the 18 year olds, who never had to manage thousands of dollars in loans before, decided they're going to pursue an BS for an IT degree, and don't realize there won't be a job that will pay off the loans they accrued pursuing the degree, are the whole fault of the student loan debt slavery system???
Millennials (don't listen to this pompous asshole who gets his information from print media), realize that your parent sold you a bullshit story that all you needed to do was work hard, get your college degree, buy a house, and set aside money for your retirement, and most likely you will have a relatively comfortable, worry free life. They were lucky enough to live in an era where if you were that careful and responsible, this would probably be the result. What they didn't tell you was that foreign labor markets and now technology would take away those blue collar jobs. They're not telling you now that technology moves so fast, they're going to take away ALL the blue collar jobs, along with the professional jobs, like doctor, lawyer, insurance adjuster, etc. (There will still be architecture jobs, but the available jobs will shrink to a bunch of rich overseas billionaires, and those jobs will go the educated natives (not of this country) that are closer to the construction jobs.)
You do need to "save" money, pare down your discretionary spending, but you also have to realize that the rich people own all the banks, the media companies that tell you to invest your money in investment bank X, vote for guys like Trump or vote for women like Warren (doesn't matter, rich people picked them both during their party conventions) to fix your problems (see how well that's working right now?), and ignore that no one at the top levels of the banking establishment went to prison for the subprime lending fiasco, the LIBOR fixing, and that what happened in 2008 was part of an economic cycle that always comes and goes (even though it hadn't happened like that in 75 years) and how Obama saved the "auto industry", which was true if you were an executive or shareholder, but never mind what happened to the pension or certain bondholders. Its all part of the plan, just like addressing human induced climate change. (What change? Scientists don't know what they're talking about, its a Chinese scam.) Here's a crazy suggestion, maybe its not worth going to college if it means being in hock for over 5 years. Maybe you don't want to put all your assets in one (US) bank account. Maybe realize that your IRA/401K will lose a lot of value if its used to bail out the banks in a future collapse twenty to thirty years from now.
I really wish I had a surefire formula where if you did the right thing, and kept your head down, you wouldn't have to worry about starving on the street or bankrupted by medical bills in your old age. The safest thing to do may be to emigrate to Sweden or Germany, or any place where there still appears to be the rule of law and stable government. Or the safest thing to do is spend your free time in local and state politics demanding actual responsible gov't, or issue activism. Just realize the NSA collects everything about you to protect society from terrorists (like you). And wanting to buy the latest iPhone is like the ghetto kids wanting to buy the latest kicks. Consumerism is another form of economic slavery. Open your eyes and build critical thinking skills.