One uncomfortable truth about this still incredibly rich country is that fully half of middle-aged and older Americans own essentially nothing. The median 50-year-old has no retirement savings to speak of. Not “inadequate savings to retire comfortably with,” but none, or so close to none as to make no difference.
Arguments about Social Security and Medicare often manage to avoid any contact with this fact.
Of course as soon as the Dow gets to 36,000 these problems will seem less acute.