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.