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Pensions - are they needed?

My comments on this question are:

1. In some countries, pensions are tax-efficient. Sometimes, they are the most tax-efficient option out there. Moreover, it is often the case an employer will pay in $1, Euro or Pound for every contribution you make, or at least put in something.
2. Yet many pensions are very inflexible. Sometimes people can't take any money out until 55, 60, 65 or even 68.
3. You also face many risks with "traditional company pensions", such as the company will go under (therefore doubling your risk of you losing your job and pension), and the tax rules will change in retrospect, as they have done in the UK and other countries.
4. Most traditional pensions also don't work well for traditional expats who are moving around from country to country.

So, I am not anti-pension, but it needs to make sense.

I would be interested in anybody else's experience here.
 
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