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Unlike what happens in America, in France you are already paying the pensions of currently retired people. Actually, that's exactly how Social Security works i
by ryanwaggoner 9y ago
Unlike what happens in America, in France you are already paying the pensions of currently retired people.
Actually, that's exactly how Social Security works in the US. You and your employer collectively pay 12.4% on your first ~$130k of salary, which goes to support all the current recipients of Social Security.
- seszett 9y agoWeird, the article made it seem like it was some kind of last-resort thing, saying that people with no savings will have to keep working. Why is there a need to save for retirement then, if there's already a national contribution system?
- trackone 9y agoI think it just depends if you are okay with what the social security benefits pay out. Currently if you retire it is $2,687 a month. This is the max though. Most may get less. [1] https://faq.ssa.gov/link/portal/34011/34019/article/3735/what-is-the-maximum-social-security-retirement-benefit-payable https://faq.ssa.gov/link/portal/34011/34019/article/3735/wha...