[SpaghettiX]

(Hi, thanks for reading, I'm the author).

In this case, the article uses the term pension to include "defined contributions", like in https://www.moneyhelper.org.uk/en/pensions-and-retirement/pe....

> Countries have various mechanisms to save for retirement and it’s wise to do so Could you elaborate on why is it "wise to do so"? On paper, these contributions is free money.

In practice, you don't have access until retirement and the law can change at any time. (See article for more disadvantages that are often overlooked or not mentioned.)

How can anyone forecast the economy in 40 years? It looks like people rightfully "avoid trusting the employer", but how can anyone trust the governments more than employers?

[jleyank]

You can't, but setting out to save for retirement in a way that you control the funds seems safer than trusting that a big company or the government will provide all that you need. If they do, great, you'll be better off than you think. Other things that should occur is setting up to have paid-off living arrangements and as few debts as possible when the income stream runs down or out. You're the only one responsible for your career, and you have yourself to a small group depending on your decisions.

And for the N American systems, the funds are accessible at any time with probable tax penalties and possibly other fees. Only the defined-benefit pension is out of reach. Each country might define loopholes that permit use of funds for specific purposes - have not checked.