In the U.S. , if you don’t put money aside for retirement you will barely survive (if that) when you are an old person because social security is so low it won’t even cover your living expenses.
So most Americans who think about old age should divide their monthly income like this: rent/mortgage + food + utilities (gas, water, electric, phone, internet) + transportation (for the majority that’s car payment + petrol + insurance, for a minority that’s public transit) + retirement savings (equivalent to a private pension or source of income) + daycare/university expenses for their children (public education is only paid for publicly from 5-17 y.o.) + consumables (hygiene products + clothes) + entertainment (that includes going to a restaurant, film, concert, etc).
For people who are responsible enough, the retirement and education costs take up quite a bit of money from the monthly income but if you want to survive with dignity as an old person and to have your children schooled you have to.
How much do Europeans save from their monthly salary, if at all, and for what?