Some people say that it is the responsibility of individual to save money for their own care after they retire. To what extent do you agree or disagree?

I certainly support the view. One should most definitely put aside some money for the future, and not fritter away everything to enjoy the present. One should always remember that the present would one day transform into the future, and when it eventually does, it should be safe and secure. Of what purpose is enjoyment today, if it becomes the cause of misery and worry in the future? It is so easy to spend, yet so difficult to save. Wisdom dictates that one must be discreet and stingy to save for the future. Let us consider why it is so important to save.

The mortality rate has come down and the span of life is generally longer, but the period of earning is comparatively limited. Nobody knows how long he would live, but the age of retirement is generally fixed. One cannot work indefinitely. Therefore, during his earning span, he has to make sure that he puts aside enough money that will hold him in good stead in his later years, when he will be able to work no more. Further, the requirements in old age are sometimes more than a person's needs during the period of his youth. Deteriorating health translates into higher medical bills and hospital charges. Being weak and infirm, one needs to spend more on commuting. He will need to hire assistants to help in the house.

Next come the needs of the family. One has to provide for the education and marriage expenses of the dependent members of the family, like children and even grandchildren. One has to pay one's insurance premiums, and even for the day-to-day needs of the younger members of the family, till such time as they are employed and earning.

One may incur extra expenditure on leisure activities. People generally travel more after retirement to meet their relatives and friends who may be settled and staying far away from them. Thus, there are so many needs that would surface in the future. Some may be quite unexpected and traumatic like accidents in the family, which may entail high expenditure. There would be the usual expenses on house maintenance and repair, and the payment ¬of personal and property taxes.

Therefore, it is imperative that a person plan wisely for his future. If he has saved enough, he can sit back and enjoy peace and comfort in his later years and even witness the smile of joy on the faces of his children. If he has saved not, then the journey ahead would be dreary and dismal indeed.