In the US and UK, retirement is only for the super-rich


#1

Originally published at: http://boingboing.net/2017/02/15/in-the-us-and-uk-retirement-i.html


#2

I know buying lottery tickets is stupid, but can you blame me? I only buy one a day, I need something to give me hope that maybe tomorrow things will be looking up. It sure beats praying.


#3

Retirement paid via pensions, social security, or government subsidy has always been a ponzi scheme. If you’re looking for a guaranteed pension try Venezuela. Otherwise suggest a coffee can buried in the backyard.


#4

Well the odds are better anyway. Not much better but above nil at least.


#5

Besides, the intellectuals of the neoliberal movement remind us, retirement is “ageist” – people like to work!

One of the real ironies I’ve noticed is that the affluent do like to work and continue doing so long after their finances allow them to retire: not because they have to, but because they genuinely enjoy their careers (which are not back-breaking, soul-killing, exploitative and degrading) and have the option to keep going. The intellectuals of the neoliberal movement have these kinds of careers themselves, so of course it’s convenient for them to assume that everyone loves their job as much as they love theirs.


#6

already knew this. Might as well start getting the lottery ticket or learn to “cook”


#7

Social insurance is actuarial like any insurance. Regarding social security - please direct me to a ponzi scheme that was maintained over 5 generations.


#8

Paging @nickle


#9

Not sure I’d be looking at actuarial tables or in the rear view mirror to make my decisions in todays environment. Good luck with that. And please keep your money in SS. It helps pay mine out.


#10

At one time, companies didn’t invest their pension funds. They put them in the bank. Many police unions work that way to this day. This gave workers a guaranteed retirement fund and allowed them to look forward to retiring. When businesses began gambling with their workers retirement that safety net disappeared due to market failures.


#11

Interestingly enough, the upper echelon of corporate america still have pension plans in the form of stock options (lovingly often referred to as golden parachutes). The rest of us schlubs never see such a lofty lump sum protected retirement egg like that. But those individuals who’s income already allows them a comfortable and cushy retirement then have those payouts awaiting them (and sometimes multiple from different companies) to greatly increase that lofty cloud they rest upon.

Essentially, one of us normal level workers may make enough and save enough and be lucky enough in our ROI/PRR to have a comfortable retirement where we do not become a burden to the next generation. These people not only get that, but also are able to establish a wealth cycle for their future generations.

But we don’t have ANY economic inequality whatsoever.


#12

With 80 + years of Social Security paying out to those who paid into it indicates that it’s anything but a Ponzi scheme.


#13

SS is not a ponzi scheme…but it is a pyramid structured financial vehicle. It requires a large base paying in and smaller base taking out. The issue is of course around too many of the baby boomer generation relying on SS as their ONLY means of retirement income and not having saved other monies.


#14

Excellent. And keep paying your money in. So we can get ours out.


#15

I believe it’s prudent that SS shouldn’t be solely relied on, but also I’d rather have people get SS vs. nothing at all.


#16

QFT

True also of most other problems.


#17

Math no longer works?


#18

Math works. You do understand the concept of garbage in - garbage out? But please keep those dollars flowing into SS.


#19

That’s their fault for not working hard enough at the jobs that don’t exist because they’re already taken by immigrants who are somehow also lazy. And you can’t work smarter, because higher paying jobs mean college, which is only for liberal elitists.


#20

You’ve made no cogent argument as to why an actuarial based system can’t work. Especially one that has worked for five generations. You have however danced away from facts ineffectually. Maybe if you say ponzi again you’ll get some traction…