bartimaeus comments on Why is it rational to invest in retirement? I don't get it. - Less Wrong Discussion
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Personally, I'm worried about becoming unemployable. I'm especially worried about new technology replacing human labor. The best insurance against my labor being devalued is lots of capital.
Depending on your current career path, up to a certain age it's entirely possible to switch careers entirely, even to something that makes concrete use of skills acquired from another career (so it's not a complete restart). Built-up capital or some other means of remaining self-sustainable for a period of time could allow you to return to school in something completely different.
I'm not speaking from experience though; I can guess that this type of situation would be difficult. But when saving, balancing the return on investment with the accessibility of the funds seems wise.