What is one potential risk of not saving for retirement?

Not saving for retirement can lead to a heavy reliance on government assistance programs, which can significantly impact a person's quality of life in their later years. Without adequate retirement savings, individuals may find themselves without sufficient funds to cover basic living expenses such as housing, food, and healthcare once they stop working. This situation often forces them to depend on programs like Social Security or other government benefits that may not provide a comfortable standard of living. These programs are designed to assist those in need, but they typically do not provide enough financial support for individuals to maintain their pre-retirement lifestyle. Thus, failing to save for retirement can create a scenario where individuals face financial insecurity and limitations in their quality of life during retirement.