Retiring in America increasingly means working into old age, new book says
America’s retirement system has left behind 90% of workers. “We see big gaps with the rich and the poor in terms of who gets to retire,” one expert said.
Read in CBS News: https://apple.news/AJvuNtTfmRMu0oOV9bm3C5g
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The same thing has happened by degrees in the UK in comparable ways. Although in the UK changes in state pension legislation, coupled with changes to the pension administration for retired public service employees and some questionable factors in the management of funds in the private sector have led to this state.
By some quirk which I never did have the capacity to work out, I just happened to be born at the right time and worked by fluke for the right number of years in public service to come out with a liveable income.
And when Sheila applied for her state pension, a few years back now, expecting a small amount, she found out that due to the legislation enacted ‘years’ back she had been accruing ‘National Insurance Credits’ (we have a complex system) by virtue of the fact of staying at home and raising three children. The amount she qualified for was by our standards ‘substantial’. Again being in the right place at the right time.
We got lucky.
I know of folk only two years younger than me were obliged to work another 5-10 years.
We enter a new austere age.
(In conclusion I often wonder how long our ‘luck’ can hold out before our pensions are frozen with no increases or simply cut).
The very wealthy have no such concerns, and some folk don’t think ‘it will happen to them’
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