4 ms·

Just for your information, this might not bear much meaning to people outside USA. I'm a Russian guy and it is mostly gibberish to me. No saving for retirement

by listic 17y ago

Just for your information, this might not bear much meaning to people outside USA. I'm a Russian guy and it is mostly gibberish to me. No saving for retirement? No mutual funds, stock or bonds? Is it supposed to be striking or what? Also: less than 4/10 of American adults have an emergency fund to fall back on. This is still pretty big fraction of prudent people if you ask me, isn't it?

Tichy 17y ago
What happens to Russians who retire?
- listic 17y ago
  They get pension, which is funded from the taxes they presumably paid while they were working (if they were not working, they will still get some). Just like it is in other countries, I suppose.
  - Tichy 17y ago
    And nobody ever considers to save any money on the side? Or which parts of the "infographic" were confusing to you?
    - listic 17y ago
      I guess some do consider; don't know how many. But if you say that 40% don't save for retirement I just have no idea if it is supposed to be unusual or perfectly normal. Personally, I wouldn't be surprised with any number up to 80%; I suspect most people are reckless and not forward-thinking (judging by myself maybe - I am reckless young man) And - is it supposed to be some special kind of saving scheme that you use for retirement? The same goes for mutual funds, stock, bonds and. Are all people supposed to have them? Or bank accounts, even. Sure, most people have them now, but some don't. 7% or 16% looks ok to me. I wanted to communicate that I (and probably many other people) have no frame of reference to relate the information in this infographic to, while the it implies that anyone does. Well, maybe this is not a good infographic after all.
      - Tichy 17y ago
        Not saying it is a good infographic, but I suppose it also provides it's own frame of reference. If it states that 40% don't save for retirement, it almost implies that for at least 40%, it is not a normal thing to do. Of course it is open how may don't do it because they don't care, and how many because they can't afford to. One weird aspect: where I live, buying a house would count as "saving for retirement". Not sure how they counted it in that infographic. As for being reckless: just wait, thinking about retirement might become more prevalent for you the older you get... Incidentally I think this is why many young people accept bad salaries: they have no idea yet how much money real life really costs. As for (private) saving for retirement: where I live every now and then there are big campaigns for it. But it also is big business, so it is questionable how much of that campaigning is for the benefit for the people, and how much is for the benefits of the banks. Ie is owning stocks and bonds and stuff good for you, or for the banks and funds?
- jsn 17y ago
  If you have no children, you generally don't retire. Or, well, you can try to live on government/municipal pension (my wild guess is $30-$100/month range covers the 95% of the population). You will be very poor, but it's doable. Bear in mind that the vast majority of senior russian citizens have some place to live (I mean, they don't have to rent or something; renting is for young and ambitious).
anamax 17y ago
> No saving for retirement? That's referring to private retirement savings. It doesn't include Social Security which is most/all of retirement income for a large fraction of retired people. (The rest also get SS but get more money from their savings.)

by listic 17y ago

Tichy 17y ago

What happens to Russians who retire?

listic 17y ago
They get pension, which is funded from the taxes they presumably paid while they were working (if they were not working, they will still get some). Just like it is in other countries, I suppose.
- Tichy 17y ago
  And nobody ever considers to save any money on the side? Or which parts of the "infographic" were confusing to you?
  - listic 17y ago
    I guess some do consider; don't know how many. But if you say that 40% don't save for retirement I just have no idea if it is supposed to be unusual or perfectly normal. Personally, I wouldn't be surprised with any number up to 80%; I suspect most people are reckless and not forward-thinking (judging by myself maybe - I am reckless young man) And - is it supposed to be some special kind of saving scheme that you use for retirement? The same goes for mutual funds, stock, bonds and. Are all people supposed to have them? Or bank accounts, even. Sure, most people have them now, but some don't. 7% or 16% looks ok to me. I wanted to communicate that I (and probably many other people) have no frame of reference to relate the information in this infographic to, while the it implies that anyone does. Well, maybe this is not a good infographic after all.
    - Tichy 17y ago
      Not saying it is a good infographic, but I suppose it also provides it's own frame of reference. If it states that 40% don't save for retirement, it almost implies that for at least 40%, it is not a normal thing to do. Of course it is open how may don't do it because they don't care, and how many because they can't afford to. One weird aspect: where I live, buying a house would count as "saving for retirement". Not sure how they counted it in that infographic. As for being reckless: just wait, thinking about retirement might become more prevalent for you the older you get... Incidentally I think this is why many young people accept bad salaries: they have no idea yet how much money real life really costs. As for (private) saving for retirement: where I live every now and then there are big campaigns for it. But it also is big business, so it is questionable how much of that campaigning is for the benefit for the people, and how much is for the benefits of the banks. Ie is owning stocks and bonds and stuff good for you, or for the banks and funds?
jsn 17y ago
If you have no children, you generally don't retire. Or, well, you can try to live on government/municipal pension (my wild guess is $30-$100/month range covers the 95% of the population). You will be very poor, but it's doable. Bear in mind that the vast majority of senior russian citizens have some place to live (I mean, they don't have to rent or something; renting is for young and ambitious).

anamax 17y ago

> No saving for retirement? That's referring to private retirement savings. It doesn't include Social Security which is most/all of retirement income for a large fraction of retired people. (The rest also get SS but get more money from their savings.)