What age do your retirement systems pay out? For example, in the US the $50,000 earner will only get ~$1400/mo if they take SS at 62, and if they wait until 70 they’ll get ~$2500/mo. Really forcing people to work until they can’t, and I guess hopefully die soon so they don’t take too many payments. Again, assuming no other retirement savings.
Depends on the country, but typically 65-67 and if you take it earlier it also comes with a significant reduction. So all in all it seems pretty comparable.
Of course people here also complain about this as insufficient, but the reality is that even this amount is not sustainable due to demographic changes and people living significantly longer.
I think there needs to be some sort of radical rethinking on how we sustain an elderly population. The existing systems that are based on bygone demografic assumptions clearly can’t work any longer.
IDK what the solution is. Pay more into it over time? Problem is cost of living accelerates faster than the value of the SS payment. And yeah, people live longer too…if they’re lucky.
What age do your retirement systems pay out? For example, in the US the $50,000 earner will only get ~$1400/mo if they take SS at 62, and if they wait until 70 they’ll get ~$2500/mo. Really forcing people to work until they can’t, and I guess hopefully die soon so they don’t take too many payments. Again, assuming no other retirement savings.
Depends on the country, but typically 65-67 and if you take it earlier it also comes with a significant reduction. So all in all it seems pretty comparable.
Of course people here also complain about this as insufficient, but the reality is that even this amount is not sustainable due to demographic changes and people living significantly longer.
I think there needs to be some sort of radical rethinking on how we sustain an elderly population. The existing systems that are based on bygone demografic assumptions clearly can’t work any longer.
IDK what the solution is. Pay more into it over time? Problem is cost of living accelerates faster than the value of the SS payment. And yeah, people live longer too…if they’re lucky.