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DeVliegendeHollander comments on Stupid Questions June 2015 - Less Wrong Discussion
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You are of course entirely correct in saying that this is far too little to retire on. However, it is possible to save without being able to liquidate said saving; for example by paying down debts. The Emergency Fund advice is that you should make a point to have enough liquid savings tucked away to tide you over in a financial emergency before you direct your discretionary income anywhere else.
Ah... I see. We keep most of our savings liquid. Safe i.e. government guaranteed investments at the biggest banks here are like 0.5% a year (the Kapitalsparbuch thing here in Austria), sot I don't give a damn. And I would rather not gamble on the stock exchange. If I would see inflation I would care, but then I would also see more decent interest rates.