Saidur Rahman Shamim has been working in the garment industry for more than 25 years. Yet, despite working for such a long time, he literally lives from hand to mouth.

Nowadays, the 50-year-old is worried about the future of his two children and his post-retirement life as he does not have much savings. He would receive some money in the form of service benefit if he is laid off or goes into retirement, although the amount would not be much.

His worry about the future led him to open an insurance policy two years ago so that his family can absorb shocks in case of his sudden death or the loss of income because of age.

"I can't sleep well when I think about the future," Shamim said. The situation is much better for Didarul Hasan, who has been working for a reputed company in a well-paid position.

But he, too, became aware of the importance of savings after joining a private bank as private-sector employees in Bangladesh don't enjoy any pension facility.

"Both my father and father-in-law are former government employees. I can see the tension-free life they lead because of the pension," the 38-year-old mid-level executive says.

Hasan, too, has opened an insurance policy that will support health emergencies for him and his family.

At the end of the maturity period, he would get a sizable amount.

He has a 10-year deposit scheme with a bank. He would continue investing the fund once it matures.

He is entitled to provident fund and gratuity benefits.

Shamim and Hasan represent millions of private-sector employees who dedicate the best part of their lives to organisations but can never ensure a secure life unless they stash away funds and invest them to grow wealth.

With state-backed pension schemes supporting a tiny percentage of the population, most are left on their own to plan their retirement life.

Planning well and ahead is also crucial for post-employment life since this is the time nobody exactly knows about how much money they would require to meet the daily expenses, particularly the health expenditures.

In Bangladesh, only government officials are entitled to retirement pensions.

There are 7.53 lakh people who are eligible for pensions in the current fiscal year, according to the documents of the finance ministry. Apart from this, another 1.15 crore people will receive cash support under various safety net programmes.

There is no pension or gratuity scheme for more than 87 per cent of the employed population, according to the budget documents of fiscal 2016-17.

Insurance companies and banks have launched products to help people save for the future so that they can comfortably breeze through the difficult times when they become old.

Fahim Islam, executive vice-president for product and solutions at MetLife Bangladesh, says the company's LifeLine Insurance Policy offers benefits for the retirement period that could be availed for 40 years.

He said a 45-year-old is thought to retire at the age of 60. So, he has 15 years in hand. "He can buy a policy for 15 years." 

In the usual insurance policy, the policy-holder draws all the money upon maturity. But in the case of the LifeLine policy, if the person thinks he will not draw the entire amount, he can get it in the form of a pension. 

The company will generate an investment return on the money and retain a small portion, usually from 1 to 1.5 per cent, of the earnings. The rest of the money will be given to the policy-holder as a pension.

MetLife will continue providing the periodic pension unless the policy-holder surrenders the arrangement to take all the money.

A policy-holder should purchase a policy that matches their lifestyle. Up to 100 years, they will enjoy the pension, said Islam.

HM Mostafizur Rahaman, head of retail business of Dhaka Bank, says there are some deposit products for the retirees. If they can maintain it while they are still employed, they can spend their post-retirement period with ease.

He says a prudent individual arranges for a source of risk-free income well ahead of their retirement, which requires a good financial plan.

The accepted rule of thumb is to save 15 per cent of someone's yearly salary for retirement, according to an analysis of Fidelity, an American financial services firm.

Its savings factors are based on the assumption that a person saves 15 per cent of their income annually beginning at age 25, invests more than 50 per cent on average of their savings in stocks over their lifetime, retires at age 67, and plans to maintain their preretirement lifestyle in retirement.

Based on those assumptions, it estimates that saving 10 times someone's preretirement income by age 67, together with other steps, should help ensure that they have enough income to maintain their current lifestyle in retirement.

One should aim to save at least one time their income by age 30, three times by 40, six times by 50, and eight times by 60, the analysis said.

Hussain Ahmed Enamul Huda, assistant professor of the finance department at the University of Dhaka, said people should start saving for their retirement the very day they start working.

"It does not matter what specific sector someone is working. One should save money for their retirement."

Didarul Hasan says he always try to follow the advice of legendary investor Warren Buffett, who said: "Don't save what is left after spending; spend what is left after saving."

Experts also suggest people seek financial help early in their career and often like they approach doctors when there is any health problem.