Weird, with all those technical advancements retirement age gets pushed back round the globe. This isnt just medical advancements. I’d argue medical care was better 20 years ago. Nowadays i pay hundreds a month for insurance just to get no doc available. Chatgpt does better care than a doc who isnt listening and just trying to sell me overpriced placebo.
The problem is obviously struggling social security systems. In US it’s worse because the corporations are taking bigger and bigger part of the profits while wages stagnated decades ago so people are not able to save for retirement and social security is not enough. In Europe retirement gets delayed but couple of years because people live longer and there are EU wide rules as to how much countries can spend on it. They could be rising taxes on the wealthiest people instead but those are the people that actually have power so… Still, in most of the EU you will still be able to retire. Social security is mostly well funded and stable. Here’s some data:
So for example in Spain current estimates are that I will get 77% of my last salary when I retire. In most countries it’s closer to 50%. So assuming you will own your home/apartment and you don’t have to pay rent you should be fine but in some countries people may need some extra savings.
No, most systems are designed in a way that everyone is taking out more or less what they paid in or at least are moving in that direction. Governments have to add some money but the amount they are adding should be stable over the next couple of decades. That’s why some countries are raising the retirement age, it’s so that the system doesn’t collapse in the future.
Weird, with all those technical advancements retirement age gets pushed back round the globe. This isnt just medical advancements. I’d argue medical care was better 20 years ago. Nowadays i pay hundreds a month for insurance just to get no doc available. Chatgpt does better care than a doc who isnt listening and just trying to sell me overpriced placebo.
Tipping point is now.
The problem is obviously struggling social security systems. In US it’s worse because the corporations are taking bigger and bigger part of the profits while wages stagnated decades ago so people are not able to save for retirement and social security is not enough. In Europe retirement gets delayed but couple of years because people live longer and there are EU wide rules as to how much countries can spend on it. They could be rising taxes on the wealthiest people instead but those are the people that actually have power so… Still, in most of the EU you will still be able to retire. Social security is mostly well funded and stable. Here’s some data:
source: https://www.robert-schuman.eu/en/retraite
So for example in Spain current estimates are that I will get 77% of my last salary when I retire. In most countries it’s closer to 50%. So assuming you will own your home/apartment and you don’t have to pay rent you should be fine but in some countries people may need some extra savings.
The problem is that capitalism has been funneling all productivity gains since the 1970’s into the hands of the richest ~1%.
Social services are not struggling for any other reason than a parasite class of sociopathic and psychopathic criminals stealing from the majority.
who will pay my pension 30+ years later? doesn’t the system require more working people then than now?
No, most systems are designed in a way that everyone is taking out more or less what they paid in or at least are moving in that direction. Governments have to add some money but the amount they are adding should be stable over the next couple of decades. That’s why some countries are raising the retirement age, it’s so that the system doesn’t collapse in the future.