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Outside of the US? In developed economies, you usually have a mandatory retirement "tax" that goes into the public scheme and which pays a minimum amount when y
by ornornor 6y ago
Outside of the US? In developed economies, you usually have a mandatory retirement "tax" that goes into the public scheme and which pays a minimum amount when you are old enough (65 or 70 usually). It isn't much on its own, maybe enough to clear the poverty line or get close to it so you're also expected to invest for yourself through tax advantaged accounts. Better employers also offer a pension plan for which you pay some and they match it.
- eru 6y agoDetails really depend on jurisdiction. Eg Australia and Singapore have mandatory retirement funds. In eg Germany, the money you pay for the government retirement scheme, just gets paid out straight to current retirees, ie no savings are made at all.
- secondcoming 6y ago> just gets paid out straight to current retirees Well, considering most state pension schemes are also Ponzi schemes this isn't the case in only Germany. Norway might have an actually sustainable pension scheme?
- eru 6y agoWell, Australian 'superannutation' has private funds. Similar-ish to American 401k. The Singaporean CPF system is interesting, but perhaps similar to the Norwegian system?