Some of my family members are going through this right now, with one being 74 and not having a penny saved. He still works manual labor jobs at the moment, but I doubt it can continue for much longer due to his health declining. But his situation has more to do with the fact he spent and spent throughout his life with the idea that his children were going to take care of him in his elder years.
This in turn didn’t work out because his children don’t want to take care of him. It would put such a big financial burden on them they wouldn’t be able to take care of their own families.