In the past, at least in our grandparents' generation, people entered the workforce in early adulthood. Combined with a shorter life expectancy at the time, their time spent in retirement was significantly shorter than their working years and consequently tended to require less retirement capital. The sources of income after retirement was traditionally aimed  at Social Security and corporate pensions, which were largely sufficient at their retirement ages. It allowed them to enjoy a comfortable retirement without relying heavily on personal savings.

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However, time has largely altered.

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Today's younger generations often started working in a later age but is aspired to retire in a earlier age. Coupled with the healthcare advancements and technologies, the life expectancies have significantly been increased, which would require a higher level of retirement income over a much longer timeframe. Time to enjoy as a retiree can sometimes be largely much more than his working years. Conversely, the traditional sources for retirement funding are unchanged if not descending, resulting in the increasingly dependency on other additional personal savings and/or accumulated assets to secure their financial future.