These are the world's best (and worst) pension systems

[55Jay]

5 hours ago, Tounge Thaied said:

“The problem with socialism is that you eventually run out of other people's money.”
― Margaret Thatcher
Can't read the article provided in this post, as it requires a membership. Thus, one cannot really comment on its metrics properly. So I will comment on another article that indicates governments can and do fund pensions properly when they want to... it is a ruse, it seems, that they cannot? The U.S. government certainly has its own priorities for it's employees. When you need employees and they hard to come by, you naturally provide incentives. Consider the U.S. military pension how it seems to fund a growing pension that includes lifetime health benefits by...

 

"the federal government, unlike California's, can still cheaply borrow the money it needs to keep paying its retired employees whatever it has promised to pay them."

Based on this economists opinion, the question becomes, where is this cheaply borrowed money scheme coming from? And... what the good employee gets, I mean soldier gets is a pretty tidy sum it seems...

"a branch of the federal government that lets you retire after 20 years on the job, even if you're under age 40, and guarantees immediate benefits of 50% of your final salary for the rest of your life. That branch is the military. If you joined the army at age 18, and retired in 2011 at age 38 as a $55,000-a-year sergeant (pay grade E-8) after an unexceptional career, you would be entitled to $26,000 per year for the rest of your life, plus cost-of-living adjustments. The average 40-ish retiring sergeant would put the taxpayers on the hook for over $1m in lifetime retirement pay. That's not counting a lifetime of free medical care from the VA. And the military doesn't have a pension fund; the Pentagon budget's$18 billion in retiree pay this year will be paid directly by taxpayers."

https://www.economist.com/democracy-in-america/2010/08/10/americas-most-generous-public-pension
 

Although this isn't the focus of the OP, interesting to note the US military pension system has been chipped away at least 3 times during my lifetime, to include a significant change to a 401(k) style plan in recent years.  "Free" medical is an out-dated cliche.  Co-mingling that with the VA, suggests you need to check your source.   Or volunteer yourself for the website so you can get the full article before commenting, if that's not too much trouble for you. ????

 

Overall though, outrage about civil/military pensions often bubbles up during times of economic downturns or uncertainty; I started to notice it on-line a lot during the '08 crash.

 

Unsuprisingly, when life was good, markets/economy booming, chicks were hot and the lines of Coke were long and thick, a term for the dummies who volunteered to enlist in the military was "SHOE" - Stupidest Humans on Earth.   "Who the he11 would volunteer themselves for a s**t life like that?!  Not me, buddy!" 

[metisdead]

A post in violation of fair use policy has been removed.

 

A flaming post and a reply has been removed. 

[Skallywag]

8 hours ago, Emdog said:

It's chump change if you live in USA. I was a teacher and paid social security and all that from my wages. In order to get veterans benefits, you have to be a veteran (duh).

Medicare does NOT cover citizens abroad. I still get to pay into it, lucky me. Many have "supplemental coverage (medigap)" added cost, average of $1,700/year, as medicare nowhere near what citizens get in countries like Canada.

Social security has expanded over the years to include handicapped and disabled. Lots of fraud there, for sure. I suppose supporting those who can't work through no fault of their own boils down to what you think our government and our society should be.

I believe we are on the same page.  USA pension / social security system is lower than it should be for those who have paid in from the private sector is what I was pointing out. So USA is one of the worst pension systems for non-government, non-military employees.  Veterans do not pay in, Government employees do not pay in directly as private sector employees support those jobs through taxations.  Then after 20 years or more, those in the military or government can retire with a pension, all supported through taxation.   The 5.2 Trillion dollar debt just shows the problems with this system in all levels of government jobs, from city, to county, to state, and federal. Again, because of this system, U.S. workers are not compensated fairly at retirement, in my opinion

[Skallywag]

22 minutes ago, 55Jay said:

 

Overall though, outrage about civil/military pensions often bubbles up during times of economic downturns or uncertainty; I started to notice it on-line a lot during the '08 crash.

One reason many support the "republican" stance for less government.  Though has not changed the ratio of government employees to civilians much over the last 50 years even when republicans were in control of the Congress and/or White house

[stevenl]

15 minutes ago, Skallywag said:

I believe we are on the same page.  USA pension / social security system is lower than it should be for those who have paid in from the private sector is what I was pointing out. So USA is one of the worst pension systems for non-government, non-military employees.  Veterans do not pay in, Government employees do not pay in directly as private sector employees support those jobs through taxations.  Then after 20 years or more, those in the military or government can retire with a pension, all supported through taxation.   The 5.2 Trillion dollar debt just shows the problems with this system in all levels of government jobs, from city, to county, to state, and federal. Again, because of this system, U.S. workers are not compensated fairly at retirement, in my opinion

That system, government employees are paid from taxes, is the same worldwide. To say they don't pay in is arbitrary at best.

So this system has nothing to do with the reasons the US pension system is lacking.

[Skallywag]

25 minutes ago, stevenl said:

That system, government employees are paid from taxes, is the same worldwide. To say they don't pay in is arbitrary at best.

So this system has nothing to do with the reasons the US pension system is lacking.

Same system worldwide yes, but the ratio of government employees to "those who pay in" is much higher than other countries. 

I was in a job where I had to deal with state and federal government regulators / auditors and many of them were incompetent and unnecessary - in my opinion.  

[EVENKEEL]

I hit the age of 62 with 21.5 yrs federal time (DOD) Pension is based on base pay, not to include OT. FERS pension will get me about $1100/mo and my SS is about $1700/mo plus 2  rentals...…..I'm done.

[ICELANDMAN]

7 hours ago, el torro said:

Precisely which European countries have a retirement of age of 70?

Why you so tired out make a research yourself, I said before will go for the 70 years as Germany is evaluating these days.

https://www.etk.fi/en/the-pension-system/international-comparison/retirement-ages/

[stevenl]

37 minutes ago, Skallywag said:

Same system worldwide yes, but the ratio of government employees to "those who pay in" is much higher than other countries. 

I was in a job where I had to deal with state and federal government regulators / auditors and many of them were incompetent and unnecessary - in my opinion.  

Is it? Looking forward to your comparison between e.g. Netherlands, Denmark, UK and USA.

[ICELANDMAN]

7 hours ago, stigar said:

Ur rigth.Get down to about 3400 US dollar.Anyway i can work beside my old-age pension and they dont cut anything.Many old people work and get their pension also.

Of course I agree with you, but unfortunately you do this as you know certainly you have go out of Thailand

[Letseng]

14 hours ago, chrisandsu said:

Even when owning a house you will always have to pay property tax (or council tax in the uk) the uk pension is close to half of the Dutch pension and I think you have to be 70 to get it now ! No wonder they want to leave the Eu . The worst pension in the union by quite some distance . 

Would you get more pension after Brexit? 

There are many countries in the EU where you get less.

You can only get according to contributions. 

 

[Letseng]

6 hours ago, edwinchester said:

UK pensions have been underfunded by successive Govts for decades and has absolutely zero to do with being in the EU.

The EUs largest net contributor is Germany btw.

And German pensions are low compared to what they have to contribute every month. Plus it is taxed, pay for medical and care insurance is deducted too.

[Chomper Higgot]

1 hour ago, EVENKEEL said:

I hit the age of 62 with 21.5 yrs federal time (DOD) Pension is based on base pay, not to include OT. FERS pension will get me about $1100/mo and my SS is about $1700/mo plus 2  rentals...…..I'm done.

Good for you, and enjoy it, you earned it.

[Snow Leopard]

With the massive amount of unfunded pension liabilities of Western Governments i don't think anyone will be getting much in the not to distant future. It really is a serious problem that governments have been ignoring for far too long. Just kicking the can down the road.  

[bristolboy]

10 hours ago, ICELANDMAN said:

Many European country go for 70 now not only England, France excluded because yellow jackets ????????????

Which ones would that be?

https://www.etk.fi/en/the-pension-system/international-comparison/retirement-ages/

[rickudon]

As a gold plated British civil servant executive, after 25 years of service i get 1080 GBP per month civil service pension. Nice, but not exactly luxury. And because i get that, my state pension is reduced to about 130 GBP per week. So total of about 1600 GBP per month

 

If i was living in the UK, where i used to live, i would need at least 800 GBP per month for rent. Add on gas, electric, water, telephone/internet and other 'essential' bills and that would be another 400 GBP leaving me with 400 a month for all discretionary expenditure such as food, drink, travel, maybe a car, holidays and any furnishings/items i need ...... and that is just for myself. No benefits for wife. or pension, and when i die the state pension dies with me. The civil service pension will provide a widows pension (maybe) of about 400 GBP a month. No one is going to ever live in luxury. 

 

Here in Thailand that pension is still eaten up every month by me, the wife, daughter and numerous bills. Do not eat out, drink out, and very limited holidays.

 

My wife will get a generous 600 baht a month pension in Thailand when she retires. Surprised that most pensioners here in Thailand do not die of starvation/malnutrition after a few years........

[BestB]

How can OZ come in third, when they cut you off once you out of the country for 180 days or something like that.

 

You would think government would be jumping with joy, not having to pay for your medicare, and all other concessions

[White Christmas13]

19 hours ago, Damrongsak said:

I just applied for Social Security in the US, as I turned 66.  I could have taken a lesser amount at 62 but didn't.  I'm supposed to get about $2,300 USD per month before tax, which is chump change these days. Glad I have a pretty big piggy bank that I've been stuffing all these years.  Never did have a job that had a retirement plan. 

Since when do you pay tax on a pension?

[Damrongsak]

8 minutes ago, White Christmas13 said:

Since when do you pay tax on a pension?

It's considered income in the U.S.

[White Christmas13]

17 hours ago, Chomper Higgot said:

The comparison and numbers don’t take into account other ‘social wage’ factors; health care, social and welfare services, housing assistance etc.

 

Old folk I know in the UK and Netherlands all say they have never been so financially comfortable in their lives.

Yes my Aussie pension is $2144 per month (including rent and electric assistant) have free health care

and discounted bus and train fares, cheap medications, and I still can come to Thailand twice a year

and I pay rent.

[White Christmas13]

5 minutes ago, Damrongsak said:

It's considered income in the U.S.

I do not pay any tax in Australia

[EVENKEEL]

5 minutes ago, Damrongsak said:

It's considered income in the U.S.

God Bless America......

[luckyluke]

Now 2500 Euro gross, 2244 net monthly (family pension). 

When I die, my widow will receive 80% of my pension, till she die or remarried. 

I don't complain, however there was a time I got here 50 Thb for 1 Euro, now 33.

But we managed. 

 

[oldhippy]

2 minutes ago, luckyluke said:

Now 2500 Euro gross, 2244 net monthly (family pension). 

When I die, my widow will receive 80% of my pension, till she die or remarried. 

I don't complain, however there was a time I got here 50 Thb for 1 Euro, now 33.

But we managed. 

 

With that name I assume you are Belgian too?

I can confirm the amount (I have approximate the same - but I thought widow's pension was 60%?

[luckyluke]

4 minutes ago, oldhippy said:

thought widow's pension was 60%?

I read :

 

Het overlevingspensioen bedraagt 80% van het rustpensioen van de overleden echtgenoot. “

 

(Widow pension = 80%)

 

[oldhippy]

3 minutes ago, luckyluke said:

I read :

 

Het overlevingspensioen bedraagt 80% van het rustpensioen van de overleden echtgenoot. “

 

(Widow pension = 80%)

 

Good..... after we smurf off, our widows will be rich in Thailand...

[luckyluke]

2 minutes ago, oldhippy said:

Good..... after we smurf off, our widows will be rich in Thailand...

And If  still not too old and still attractive, can find another farang,

but not marry him. 

[oldhippy]

2 minutes ago, luckyluke said:

And If  still not too old and still attractive, can find another farang,

but not marry him. 

555 that is why so many pensioners in Belgium "live in sin".....

[pegman]

5 hours ago, Snow Leopard said:

With the massive amount of unfunded pension liabilities of Western Governments i don't think anyone will be getting much in the not to distant future. It really is a serious problem that governments have been ignoring for far too long. Just kicking the can down the road.  

We use to hear that from the right (Reform Party) in Canada all the time. Conservative/Right leaning gov's hate pensions. Have they introduced or improved upon them anywhere? One of our centrist gov's started a fund to divert pension contributions to so they could be invested and grow in value. It's doing very well so I'm very sure it will be there when my soon to be 6 grand-babies need it. I wonder how many posters on here vote for pension hating right wing parties then complain about the results? Those conservative/right gov's always seem to find a way to cut taxes for corporations and the super rich though. 

 

http://www.cppib.com/en/

[Tounge Thaied]

9 hours ago, 55Jay said:

Although this isn't the focus of the OP, interesting to note the US military pension system has been chipped away at least 3 times during my lifetime, to include a significant change to a 401(k) style plan in recent years.  "Free" medical is an out-dated cliche.  Co-mingling that with the VA, suggests you need to check your source.   Or volunteer yourself for the website so you can get the full article before commenting, if that's not too much trouble for you. ????

 

Overall though, outrage about civil/military pensions often bubbles up during times of economic downturns or uncertainty; I started to notice it on-line a lot during the '08 crash.

 

Unsuprisingly, when life was good, markets/economy booming, chicks were hot and the lines of Coke were long and thick, a term for the dummies who volunteered to enlist in the military was "SHOE" - Stupidest Humans on Earth.   "Who the he11 would volunteer themselves for a s**t life like that?!  Not me, buddy!" 

Why don't you save us the trouble of "volunteering" for the website and copy and paste the article for us... if it isn't too much trouble. ????