Retirement pensions are a mayor problem.

In the country where I live, no matter if you work or you stay at home, you have to pay a monthly fee (calculated on your earnings) for a pension plan. At the age of 64 for women and 65 for men, you receive your pension from the government. The more you paid, the more you receive.

My father was cheated of much of his earnings by his older brother and older sister. Therefore, he did not have much by way of savings. I learned my lessons at an early age because of it, and saved for old age. I don't have much. Just enough. My fear now is that my cousins who are children of these relatives will come and take my hard earned savings and throw me out of my home. The government does not offer retirement planning for us. My cousins are physically abusive and have beaten me up in the past for monies.

That is a problem worldwide. When the pension schemes in the world were designed, the governments at that time did not know that humans could live to 100. They worked on the basis that people would retire at 55, and lived to 70.

That is situation for almost every person. And it is not wise to spend the money into retirement just like that. It's hard to even manage the money on day to day basis.

We have government pension once you reach age 65 - it is called old age security. If you work you also get a work pension after 60. Then some companies have their own pension plan you contribute to and you can retire as early as 55. But that is changing now, both the work and government pensions want you to work longer before you can claim it.

The answer to that my friend is- Joint Family system. Of course you can't manage on your own! Think of it this way- Inflation is always there so the cost of everything is rising every year. Whereas the pension ( already half of your last drawn salary ) is revised what? 5-10 years intervals? You can't support yourself like that unless of course you retired from a good post and that's why you have your children take care of you!

Pension amount hardly takes care of one's needs. One must have savings that generate income such as fixed deposits in banks. .

My husband and I both draw the State pension, but no way could we live on it. We saved our money and invested wisely when we were younger, so are able to be comfortable now.

i think thats the way some do according to your earnings the social security is paid through earning it comes out of your check the more you earn the better the check