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Because people are shortsighted and want a new TV/car/apartment RIGHT NOW. Also, there's a certain mistrust of the pension scheme and people think that the mon

• tpxl 4y ago
  > Also, there's a certain mistrust of the pension scheme and people think that the money in their pension accounts will be gone anyway by the time they reach the pension age. Perhaps because it's true. In my relatively short life, the retirement age went up by over 5 years, and by the time I reach it it's going to go up by at least another 5 years. And let me tell you, there's no chance in hell I'm retiring at 70. A conservative fund would 'outperform' any government pension system in the long term. Remember, the pension system was devised in a time where a lot of people died before the pension age. It is impossible for the pensions to keep up without overtaxing the young or increasing the pension age. On top of that, you may contribute north of 100k in your lifetime towards your pension 'fund' that you will never see if you die a day before retirement (as my father did). Not to mention the fact that there's no actual pension 'fund', not up to the full amount at least (or anywhere near). Most of the funds I pay in today will be paid out to pensioneers tomorrow.