I believe that pension plans will make the significant difference of who retires comfortably.
This is definitely the case in Canada.
The Globe and Mail had a big article about pensions and retirement. Even the Big 5 Banks have cancelled the defined benefit pension plan for those hired after 20xx.
The federal and provincial civil servants as well as teachers will still benefit from the generous defined benefit pension plans.
The SG government did away with pension plans, and were encouraging all the civil servants (those born in the 1950s to late 1950s), and asked them to convert to CPF, to save money.
The SG govt apparently tried to "scare" them by indicating that if they do not convert to the CPF, their promotions could be delayed.
One of my schoolmates was smart to remain on the pension scheme, and retired at age 60, after being a principal of a JC and a Clusters Superintendent.