We spend most of our working lives accumulating a pile of money. We save a little each month and invest it for our retirement. The concept is in accordance with the first pension fund created by Bismark in Germany in the middle of the 19th century. Back then he set the retirement age of 65, even though he knew full well that the average lifespan was 48 years. In other words, very few people made it to retirement, and once they got there, they did not hang around for long.
Until 20 years ago most pensions were based on a percentage of final salary. However, it is unsustainable, and we have moved toward getting some return on our investment. (A defined contribution pension, rather than a defined benefit pension)
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