Comment on Typical US worker has less than $1,000 saved for retirement, report finds
RememberTheApollo_@lemmy.world 19 hours agoWhat age do your retirement systems pay out? For example, 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.
poVoq@slrpnk.net 18 hours ago
Depends on the country, but typically 65-67 and if you take it earier 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.
RememberTheApollo_@lemmy.world 17 hours ago
IDK what the solution is. Pay more in 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.