Should retirees pension equal a living wage?

[Anonymous]

old people

Yes, in recognition of their contribution to society

No, they're not producing anything now, let them starve

Other/Results

[Anonymous]

Yes, but that is NOT easily answered. I mean I've invested 15% of my income since I was 25. And recently I've been mulling retirement. I could do it, but it'd be tight right now. Realistically I probably should wait another 10 years. Then according to the pace I've set thus far i should have 2 million. But my mindset has changed from 25 years. ago. 1. I'm ready to retire now.😂 2. Even 2 million doesn't make me feel completely safe. So I'm starting to view retirement less as an age or a monetary number. And more as a temperament of what you just don't want to do anymore if you have the freedom to do so.

Why do I bring this up (my situation for example)? Because no two people situations are exactly alike. Most the people I work with while being about a decade younger than me have not invested a single dollar. And at 40, that's a problem. Now some people in life can't. They're stimied from the get go with early debt, or maybe health problems. But there are equally as many people who live completely for today. And just figure they'll save later. Not only do miss out on compounding returns of multiple decades. But a lot of times life denies them the opportunity to save later. And as someone who has seen his nest egg get eaten away a bit by inflation. I'm not going to tell ANYONE to invest every nickel or spend youth saving heavily for later years. Because life happens then as well. Tomorrow is not promised. Some people will be saving for a future that will never happen.

Sorry if this post seemed meandering. I'm just saying there is a lot of variables when it comes to retirement. And I don't trust pensions.

[OneViewpoint]

Well if their pension doesn't equal a living wage, they end up on government support programs. So choose how you want to keep them from freezing or starving to death. Pensions or income taxes.

[AviatorTom]

It depends. A pension is based on contributions by the company and the employee, and the duration of the employment. Sometimes that results in a living wage, sometimes it doesn't. When I was younger, I was employed by a company for 10 years before it folded. My pension will be around US$250 per month, obviously not a living wage. My 401K investments with the next company I worked result in a much better monthly payout.

[exitseven]

it should if they are citizens and paid into the system all their lives. There are many people that failed to plan for retirement. Many spent more time planning for their next vacation than planning for retirement. I know people whose retirement plan is buying scratch tickets.

[Anonymous]

It's whatever you signed on for when you started the job that is accruing a pension. No one is stopping you from saving more for yourself, and you know in advance how much Social Security is going to be part of the equation. People have to take responsibility for their own circumstances.

[Agape93]

Nope. Their generation is what helped caused this shitty economy and culture. Let them feel. what everyone else feels on unemployment.

[Anonymous]

I'm glad every day there's a pension system in most countries.

Old people have worked enough 👛 👜

[MrChinaski]

These systems were set up when people retired for 3-5 years and then died, not the 15-20 years they do now. They have not earned pensions. It is mere charity.

So the question is: Of all the possible charities your taxes could be funding today, are old people who didn't bother saving for their own retirement throughout their entire lives number one in your list? They spent all their money and they didn't pay the taxes necessary to fund their retirement either.

It would appear on my list. Not front of the queue.

[Mike_Hum]

People should be responsible for planning their retirement.

[Anonymous]

Do you mean equal 100% of what they made while they were working?

[najekim]

At least be able to pay all the bills and have enough left over to enjoy life.

[Hispanic-Cool-Guy]

Yes. They worked for it, compared to a lazy bum who refused to do anything.

[MissSunshine2]

I think definitely so.