3 ms·

The best phrase I read by someone. "Retirement is a financial goal - it has nothing to do with age". And this makes huge sense...

nialv7 1y ago
well in this context it generally means the age someone starts to receive state pension.
- testing22321 1y ago
  And in many countries it defines the age you can withdraw money from your own retirement savings without paying full income tax.
- dainiusse 1y ago
  Yes. But the wider meaning is - you are in control
  - LunaSea 1y ago
    But you're not because the country decides how much they take out of your wage for pension and at what age you can access it.
futureshock 1y ago
I’d encourage thinking not just about yourself or your immediate circle when it comes to policy like retirement age. State run pension systems affect nearly everyone, not just the extremely fortunate few who can become financially independent at a younger age. And that is also largely an American phenomenon anyway. Salaries are much lower on average than in Europe and there is far less differential between minimum wage and what senior employees get paid. There’s also not the same culture of investing because European companies don’t have the same performance as the US stock market. Lower yield real estate investment is much more common in many European countries. And with strong social safety nets Europeans are generally less pressured to save a huge nest egg. So this raising of the retirement age will affect a huge portion of workers and 70 is OLD to be working full time for all but the most relaxed jobs. Most older folks I know have know being dealing with multiple chronic age related illnesses well before 70.
voilavilla 1y ago
How does this make huge sense? It's a financial goal that is literally based on how long you plan to live, aka, your age. Let's say I have €100.000 in the bank and that's two years of expenses based on my budget. Can I retire tomorrow? Well, what's my age? and what X do I plan to add to my age to determine if that amount of money is sufficient to retire?

nialv7 1y ago

well in this context it generally means the age someone starts to receive state pension.

testing22321 1y ago
And in many countries it defines the age you can withdraw money from your own retirement savings without paying full income tax.
dainiusse 1y ago
Yes. But the wider meaning is - you are in control
- LunaSea 1y ago
  But you're not because the country decides how much they take out of your wage for pension and at what age you can access it.

futureshock 1y ago

I’d encourage thinking not just about yourself or your immediate circle when it comes to policy like retirement age. State run pension systems affect nearly everyone, not just the extremely fortunate few who can become financially independent at a younger age. And that is also largely an American phenomenon anyway. Salaries are much lower on average than in Europe and there is far less differential between minimum wage and what senior employees get paid. There’s also not the same culture of investing because European companies don’t have the same performance as the US stock market. Lower yield real estate investment is much more common in many European countries. And with strong social safety nets Europeans are generally less pressured to save a huge nest egg. So this raising of the retirement age will affect a huge portion of workers and 70 is OLD to be working full time for all but the most relaxed jobs. Most older folks I know have know being dealing with multiple chronic age related illnesses well before 70.

voilavilla 1y ago

How does this make huge sense? It's a financial goal that is literally based on how long you plan to live, aka, your age. Let's say I have €100.000 in the bank and that's two years of expenses based on my budget. Can I retire tomorrow? Well, what's my age? and what X do I plan to add to my age to determine if that amount of money is sufficient to retire?