If you are have a define benefit pension plan, which mean the pension sponsor pay you every month after you retire until you die, you are very lucky, you are better than most of the people out there because you can live as long as you can without financial worry. In Malaysia, only government servant has the privilege to receive their pension every month until they die.
However, most of the people working in private sector. They have their pension fund as define contribution plan via EPF in Malaysia, where employer and employee both contribute certain amount to the their pension fund account. The contribution stop when they stop working. It is ok if they have high salary, and can plan properly thorough the rest of their live for another few decades. To most of the people, they do not know how to plan and spend their retirement fund within few years. After they finish their retirement fund, they have to either die or to work again.
Most of the people do not know that they need to be more than millionaire to retire to support their golden few decade years. They do not feel the urgency and thought become millionaire is a sky high dream. They do not plan for retirement.
It's in tradition that they thought they can depend on their children to support them. But, as the population growth, job competition grow; as technology advance and process become automated, less people is needed. It is getting tougher and tougher to get job in the future. Their children will have difficulty even supporting themselves alone.
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