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> So they really want people to stop saving for their pensions? I would stop immediately if I could. I am, however, required by law to save for a pension I wil

• madgar 10y ago
  As an American in their late 20s I don't know anybody who thinks they'll see a dime out of social security. We know we're paying into it to keep current retirees alive and we know that just won't happen for us.
  • Aaargh20318 10y ago
    This is not even social security. This is a private pension. Theoretically, the money is invested and you'll make a nice profit on it. In practice, the only one who's making money off it are the insurance companies. My pension fund is actually worth less than the amount I paid into it, because all the intermediaries want a cut for their 'services' (whatever those may be). It's like being legally required to flush money down the drain.
    • madgar 10y ago
      I know the difference between pensions and social security. I also know that some of the commenters in this thread are talking about pensions without distinguishing between public and private pensions. I also know that there is an enormous amount of capital in the form of public pensions and that public pensions are often invested with relatively few restrictions compared to private pensions. (At least in the US?)
• empthought 10y ago
  Assuming you're talking about a social insurance plan like Social Security, that's not saving for a pension and never was. It is insurance against getting too old to work productively, which is perhaps a concept that is becoming more and more quaint as technology and medicine both improve. (Technology means that fewer and fewer people can "work productively" regardless of age, medicine means "too old to work" becomes older and older.)
  • Aaargh20318 10y ago
    > Assuming you're talking about a social insurance plan like Social Security Incorrect assumption.
    • empthought 10y ago
      Then you're really being cheated, if you're "saving for a pension you will never receive." What country/company is this?
      • Aaargh20318 10y ago
        Of course I'm being cheated, isn't that the entire purpose of financial institutions ?
        • empthought 10y ago
          They will cheat you off of interest, so in that sense, yes, but "a pension you will never receive" is outright theft if true. I don't know why you would believe that your pension would not be paid out at all. It makes no sense for any party involved; it's much better for all involved for you to have that money to spend it in the economy again.
        • dx034 10y ago
          Financial institutions are private businesses. No one forces you to have a contract with them. Current accounts are very competitive in most countries (i.e. loss making for the bank), all other products are voluntary.
    • dx034 10y ago
      Since you refer to 67, I guess you were referring to Germany or Netherlands and there it is a social insurance. You don't save for your pension. You provide the pension of current pensioners (via taxes or contributions) and trust that future workers will provide your pension. In all countries where the main part of a pension comes from saving (e.g. UK, US), you will directly receive what you saved (plus interest, minus taxes). A system such as what you describe doesn't exist anywhere as far as I can tell.
• StavrosK 10y ago
  Found the Greek! I managed to get removed from the pension fund, because, like you, I don't think I'll see a penny. I save privately now.
  • Aaargh20318 10y ago
    I'm dutch. We have to pay into a pension fund, your employer decides which and what plan.
    • StavrosK 10y ago
      Oh, interesting, the pension limit being raised was the same as for us. We have to pay into a state pension fund, though, which is already bankrupt.