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> Bismarck did, however, have a further vision that was genuinely too radical for his era: he proposed a pension that could be drawn at any age, if the contribu

> Bismarck did, however, have a further vision that was genuinely too radical for his era: he proposed a pension that could be drawn at any age, if the contributor was judged unfit for work. Those drawing it earlier would receive a lower amount. I wonder how well this would work in today's society. Pretending disability doesn't exist, and just making it a simple rate decrease for the earlier you withdraw.

tyingq 10y ago
That sort of exists in the US system for Social Security. You can retire as early as age 62, but at a reduced (80%) benefit. If you wait until you're 67, you get the full 100%. Of course, the payment is a pittance compared to most actual pensions.
- deleted 10y ago
  [deleted]
kwhitefoot 10y ago
This is similar to how my pension will work here in Norway. I will be 62 at the end of the year and I will be able to start taking my pension (regardless of whether I work) but I could also delay taking it indefinitely. The total amount is fixed and predicated on the average age at death. So if I take it early I spread it more thinly. If I take it later I get more per year while taking it but risk missing out altogether by dying early; and it is not inheritable so if I want to give some away it's best to start early.
- orangecat 10y ago
  if I want to give some away it's best to start early Right, if it's the same net present value why would anyone ever start later? If you're still working just take the money and save or invest it.
  - icebraining 10y ago
    Investing it (or even storing it in a bank, if above the insurance limit) comes with an extra risk.
shorttime 10y ago
Isn't this essentially social security disability?
- tradersam 10y ago
  No. Even though I said let's pretend disability doesn't exist, this is from the SS website: > Social Security pays benefits to people who can’t work because they have a medical condition that’s expected to last at least one year or result in death.[0] The program I was talking about would be more something like retirement+disability, proved by the government with a set retire date (say, 65) and any withdrawals before hand would be at a lesser rate (if proven unfit to work, but not only of a medical condition). Specifically in the U.S. [0]:https://www.ssa.gov/pubs/EN-05-10029.pdf https://www.ssa.gov/pubs/EN-05-10029.pdf
metasean 10y ago
>Pretending disability And what happens to those that are 'genuinely handicap' and have medical costs that unavoidably exceed the 'lower amount'?

tyingq 10y ago

That sort of exists in the US system for Social Security. You can retire as early as age 62, but at a reduced (80%) benefit. If you wait until you're 67, you get the full 100%. Of course, the payment is a pittance compared to most actual pensions.

deleted 10y ago
[deleted]

kwhitefoot 10y ago

This is similar to how my pension will work here in Norway. I will be 62 at the end of the year and I will be able to start taking my pension (regardless of whether I work) but I could also delay taking it indefinitely. The total amount is fixed and predicated on the average age at death. So if I take it early I spread it more thinly. If I take it later I get more per year while taking it but risk missing out altogether by dying early; and it is not inheritable so if I want to give some away it's best to start early.

orangecat 10y ago
if I want to give some away it's best to start early Right, if it's the same net present value why would anyone ever start later? If you're still working just take the money and save or invest it.
- icebraining 10y ago
  Investing it (or even storing it in a bank, if above the insurance limit) comes with an extra risk.

shorttime 10y ago

Isn't this essentially social security disability?

tradersam 10y ago
No. Even though I said let's pretend disability doesn't exist, this is from the SS website: > Social Security pays benefits to people who can’t work because they have a medical condition that’s expected to last at least one year or result in death.[0] The program I was talking about would be more something like retirement+disability, proved by the government with a set retire date (say, 65) and any withdrawals before hand would be at a lesser rate (if proven unfit to work, but not only of a medical condition). Specifically in the U.S. [0]:https://www.ssa.gov/pubs/EN-05-10029.pdf https://www.ssa.gov/pubs/EN-05-10029.pdf

metasean 10y ago

>Pretending disability And what happens to those that are 'genuinely handicap' and have medical costs that unavoidably exceed the 'lower amount'?