While some people believe that the government should be responsible for financially aiding retirees, others argue that is oneself the responsible for saving money during one’s working years. In my opinion, both have its advantages and drawbacks, and a combination of both would be the best approach.
On the one hand, many countries trust the government to economically aid retirees, and an example of it is Spain. In Spain, high taxes are paid while working, and some of that money is destinated to cover elderly expenses by giving them a pension. A pension is the amount of money a retiree receives for the money he generated over his live, and the pension can vary depending on how much money he earned. This method may be appealing for many, because people are exonerated of having to save money for their future, however, it has several drawbacks. For example, in Spain, the workers are the ones who cover the elderly pensions, but the problem comes when the number of retirees increase while the number of workers keeps stable, leading to financial insufficiency to cover the pensions. Moreover, trusting the government to aid a person when retired can be risky, because laws are constantly changing and, in the future, politicians may eliminate the subsides given to the elderly.
On the other hand, there are some capitalist countries, such as the USA, where the economical responsibility of one’s future is oneself and, although some may defend that each person gets what he has worked for, many people can be harmed if life’s circumstances prevent him from saving. Nevertheless, a combination of both perspectives may be the best way forward, being Australia the best example. In Australia, the companies are required by law to send a percentage of a person’s salary into a superannuation fund, money that can only be taken once a person is retired. By doing this, a person can avoid the responsibility of having to save money for his retirement while, at the same time, he is saving the proportional amount of money that he is earning, without the risk of the government deciding whether to keep the aids or not.
In conclusion, in my opinion, responsibility should lie on both, government and people. The government should introduce laws to help people save money for their retirement, but under no circumstance politicians should have access to that money.