To paraphrase one of the great musings of the American businessman and investor Charlie Munger, you don't have to touch an electric fence to learn not to do it. In other words, it's better to learn through observation and the mistakes of others than through making the mistakes yourself.
For this reason, millennials should take note of the situation many baby boomers find themselves in today as they near retirement age.
Lately, headlines about America's impending retirement crisis are becoming more frequent, and they revolve around the fact that on average, the baby boomer generation is significantly under-saved for retirement.
Fortunately for them, it looks that they are likely to continue to receive at least some level of Social Security benefits, at least for now. Some also have pensions. This will cushion the retirement blow.