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Senator Bernie Sanders Report Warns Nearly Half of Older Americans 'Have No Retirement Savings'
(www.commondreams.org)
this post was submitted on 01 Mar 2024
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This is exactly why state pensions are the norm in Europe, and I think many other places around the world.
Here in Portugal, your taxes accumulate pension credit similar to social security in the US, but when you retire you receive around 80% of your highest salary over your career, instead of a few hundred dollars or whatever from American social security.
I mean, social security will help you get enough medicine as long as only take 1/4 of the prescribed amount and there's lots of fancy cat food out there...you can eat like a rich person's pet for only $2-$3 a can!
On the bright side, between the too-poor-to-retire elderly and kids, we think we can fill all the open jobs created by covid deaths without having to let any immigrants in.
On an unrelated note, we're on track to invent the "trillionaire" within the next decade. If that's not innovation, I don't know what is.
Pensions in the U.S. were largely replaced with 401k's. Now we have hedge funds playing the stock market with trillions.
In the UK we do similar.
We accumulate pension credit too, but then we get a maximum amount of about £10,500 a year assuming you paid tax for the full 35 years.