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Effectively yes, it is called Social Security. No one in the US refers to it as a "pension" even though it is equivalent to what many Europeans call pensions. T

Effectively yes, it is called Social Security. No one in the US refers to it as a "pension" even though it is equivalent to what many Europeans call pensions. The term "pension" is reserved for other defined-benefit retirement plans, which are no longer common in the US. Americans are consistently messaged and incentivized to save for retirement separate from their Social Security pension. Social Security is relative generous by the standards of the industrialized world. For example, I will receive $3600/month from the government at the standard retirement age, in addition to any other retirement savings I may have. Similarly, the government will pay for my healthcare when I reach retirement age.

PopAlongKid 3y ago
>Social Security is relative generous by the standards of the industrialized world. For example, I will receive $3600/month from the government at the standard retirement age, in addition to any other retirement savings I may have. Similarly, the government will pay for my healthcare when I reach retirement age. That amount is near the max, and not typical at all.[0] You must have had at least 35 high-earning years in your wage/earnings record. Also, the government only pays for part of your healthcare (Medicare Part A = hospitalization), you still pay for all the rest (routine checkups, treatment not requiring hospitalization, preventive care, prescription drugs). You don't get any coverage at all unless you enroll and pay your share of the premiums. [0]https://faq.ssa.gov/en-US/Topic/article/KA-01897 https://faq.ssa.gov/en-US/Topic/article/KA-01897
- jandrewrogers 3y ago
  > You must have had at least 35 high-earning years in your wage/earnings record. Almost half of those years were the opposite of high-earning, and I don’t have 35 years yet. If it is near the max then it is because the fraction of years that are high-earning are carrying a lot of weight. I have been quite poor for a large fraction of my working life.

PopAlongKid 3y ago

>Social Security is relative generous by the standards of the industrialized world. For example, I will receive $3600/month from the government at the standard retirement age, in addition to any other retirement savings I may have. Similarly, the government will pay for my healthcare when I reach retirement age. That amount is near the max, and not typical at all.[0] You must have had at least 35 high-earning years in your wage/earnings record. Also, the government only pays for part of your healthcare (Medicare Part A = hospitalization), you still pay for all the rest (routine checkups, treatment not requiring hospitalization, preventive care, prescription drugs). You don't get any coverage at all unless you enroll and pay your share of the premiums. [0]https://faq.ssa.gov/en-US/Topic/article/KA-01897 https://faq.ssa.gov/en-US/Topic/article/KA-01897

jandrewrogers 3y ago
> You must have had at least 35 high-earning years in your wage/earnings record. Almost half of those years were the opposite of high-earning, and I don’t have 35 years yet. If it is near the max then it is because the fraction of years that are high-earning are carrying a lot of weight. I have been quite poor for a large fraction of my working life.