RE: Saving $ 10 a day - Can't Retire on that.
Relying just on personal savings is difficult and requires a high income and a tight budget. Luckily we have work pensions and the government. A poor retirement would be relying solely on the government or charity, it's like riding a unicycle. Having a private pension plan puts you on a bicycle. Add Personal savings to your pensions makes retirement like riding a stable tricycle. Elderly often have difficulty standing on just two feet!
With a long enough time horizon, $10 per day is more than enough if you have a decent private pension, a government pension and a low cost of shelter. Government pension plans cover maybe 20% to 30% of your needs. Private, work-related pension plans can cover up to 60% of your needs (or 70% if you work for some governments). Saving 50 dollars a day for retirement is unrealistic unless you have great income or already own mortgage free property.
$ 10 a day is a wonderful start and depending on other investments and pensions it may very well be enough especially if you save for more than 25 years, say starting at 20 years old instead of 40.
I like using the example of $ 50 because this will make certain you are well off in retirement even without a private retirement package.
In Korea the government likes telling the pension plan what to do and this is scary because frankly its performance is poor.
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