Some people believe that it is the government's responsibility to provide care and financial to support people after they retire. Others, however, think that individuals themselves saving money in their own care when they are old. Discuss both views and give your opinion.

The issue of

retirement

support

is a topic of contention, with compelling arguments presented on both sides. Some advocate for

government

-funded financial assistance and care for citizens following their

retirement

,

while

others insist on individual responsibility in planning and saving for

retirement

. Proponents of

government

-provided

retirement

support

assert that it aligns with principles of social justice. They highlight the fact that numerous

individuals

may struggle to accumulate sufficient

savings

for their

retirement

due to

a myriad of factors, including

meager

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meagre

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wages, mounting medical bills, and unforeseen financial burdens.

Government

-sponsored

support

is seen as an essential mechanism to ensure that retirees can enjoy a decent quality of life during their post-employment years.

For instance

, Singapore's administration has implemented a Central Provident Fund (CPF) scheme. The CPF operates as a mandatory

savings

initiative for employed Singaporeans and their employers. When these workers eventually retire, they can tap into their CPF

savings

to finance their

retirement

years.

On the contrary

, adversaries of

government

-backed

retirement

support

argue that it is inequitable to obligate taxpayers to finance the

retirement

of others. They contend that governmental management of financial resources is not always the most efficient approach.

Moreover

, some contend that

government

-provided

retirement

support

may have a disincentivizing effect on personal financial responsibility. They point out that when people are aware of

government

guarantees, they may be less inclined to proactively save for their

retirement

.

For instance

, studies have indicated that

individuals

residing in nations with extensive

government

-provided

retirement

benefits exhibit a reduced inclination to independently save for their

retirement

. In my perspective, it is imperative for the

government

to play a role in furnishing

retirement

support

to its citizens.

Nonetheless

, I firmly believe that

individuals

should take responsibility for their

retirement

planning and

savings

. One strategy to strike a balance between these two objectives is to institute a universal

retirement

savings

accounts system. Under

this

system, all employed

individuals

would be mandated to contribute a portion of their income to dedicated

retirement

accounts. The

government

could

then

provide matching contributions for low- and middle-income earners.

This

approach would guarantee that every individual has a fundamental level of

retirement

savings

.

Furthermore

, the

government

should offer tax incentives and employ other means to motivate people to save for their

retirement

.

Additionally

, the

government

could provide financial advisory services and educational resources to empower

individuals

to make informed decisions about their

retirement

planning. By adopting

such

a well-rounded approach, governments can facilitate the assurance of a secure and comfortable

retirement

for all citizens.