Scare tactics add to pension concerns

These days, many worry that China's current pension system will prove insufficient to support the country's rapidly aging population. As many know, China is on track to become the world's most aged society. By 2050, the country will be home to more than 330 million people over the age of 65.

How much financial preparation is really necessary for one's retirement? One wealth management expert recently suggested that elderly people should have at least 1 million yuan ($163,000) socked away in order to enjoy a comfortable old age. Such an inflated recommendation is quite absurd, since it ignores normal people's income levels and exaggerates the real cost of retired life. At this point, it is impossible for elderly citizens to survive solely on the national pension system, but misguided estimates like those mentioned above only create needless fear and anxiety.

Experts should not include expenses for traveling, hobbies and entertainment when they throw out estimates of retirement costs. Only necessities like living expenses and medical care should be included.