This is why it's important to contribute as little as possible to others, especially the state. They will gladly take everything from you and then tell you you should be happy about it.
Denmark to raise retirement age to 70
631–640 of 1001 posts
Re: Denmark to raise retirement age to 70
#632On the one hand, we will all be replaced by AI, so jobs are lost. On the other hand, we have to work till we die or the system will crumble. Thus, the system will crumble, it’s just about who will end up with the hot potato.
Re: Denmark to raise retirement age to 70
#633This is because of their low birth rate primarily right? I think the system has failed at this point, when you are expected to work that long.
No. It is about how the system is funded. If pensions were funded by actual retirement accounts, where employees invested money into some state fund and have it paid out for retirement this would be entirely unproblematic. But the pension system in many EU countries is set up in a way in which tax contributions now finance pensions now . This can only work with a steadily growing economy which continually generates m…
> in many EU countries is set up in a way in which tax contributions now finance pensions now
Hopefully US people realize that this is also how US public pensions (social security) actually works.
Re: Denmark to raise retirement age to 70
#634On the one hand, we will all be replaced by AI, so jobs are lost. On the other hand, we have to work till we die or the system will crumble. Thus, the system will crumble, it’s just about who will end up with the hot potato.
If AI takes most jobs, the system won't crumble. If anything, the system will probably work much better.
It's the transition period that I am worried about, when large percentages of the population are jobless, but safety nets aren't yet in place.
Re: Denmark to raise retirement age to 70
#635Earlier quoted context omitted.
The US may have to raise the retirement age eventually but it could put off needing to do so for a long time by making the payroll tax flat instead of regressive. Currently here is the percent various workers pay: Income Tax $10k 6.2% $50k 6.2% $100k 6.2% $150k 6.2% $200k 5.4% $300k 3.6% $700k 1.6% $1000k 1.1% $5000k 0.22% $10000k 0.11% This comes about because it is structured as a two bracket tax rate: Bracket Marg…
Why not just subsume it into the other income taxes?
Because politics. Americans like to delude themselves that their taxes are low by splitting them up into various buckets (Social security, Medicare, Federal Income tax, State income tax, even city income tax some places, property tax, sales tax, and now tariffs). Like selling a computer then charging for the keyboard and the power supply separately. Makes people feel like they're paying less.
Re: Denmark to raise retirement age to 70
#636Earlier quoted context omitted.
Part of the reason employees are reticent to hire someone past 50 is before they worry they’ll retire soon, even if they’re mentally and physically in good shape. So increasing the retirement age might actually improve the ability of folks in their 50s to find work. Not saying this is a great trend, but it’s unavoidable due to the low fertility rate (already a problem everywhere in the developed world and soon to be…
Young people today job hop like there's no tomorrow.
Young people today can't get jobs, this take seems a couple years out of date
Re: Denmark to raise retirement age to 70
#637This is truly sad. As a Swede I fear my country may follow suite. The retirement age in Sweden used to be 65 and now it's 67. Looking at older people around me, most lead a much less active life after 75. So, if we were lucky we used to have some 10 good years of doing whatever we wanted before old age and age-related diseases start affecting us so much we become limited to a much smaller world. But now we have maybe…
There is nothing sad about this. Mandatory pensions are not a vacation sponsored by the government but a way to provide for those who can't provide for themselves. If you were born in the 70s, you should have known for most of your adult life that your normal retirement age is likely going to be around 70. The demographic situation is not new, the solutions have been discussed extensively since at least the 90s, and…
Taxes pay these pensions. Taxes that citizens have paid for their whole working lives, with the understanding that they would benefit from that pension fund in their later years.
It's actually far closer to a "vacation", but not "sponsored by the government" -- closer to "that you've been saving for already for years."
Re: Denmark to raise retirement age to 70
#638This is truly sad. As a Swede I fear my country may follow suite. The retirement age in Sweden used to be 65 and now it's 67. Looking at older people around me, most lead a much less active life after 75. So, if we were lucky we used to have some 10 good years of doing whatever we wanted before old age and age-related diseases start affecting us so much we become limited to a much smaller world. But now we have maybe…
There is nothing sad about this. Mandatory pensions are not a vacation sponsored by the government but a way to provide for those who can't provide for themselves. If you were born in the 70s, you should have known for most of your adult life that your normal retirement age is likely going to be around 70. The demographic situation is not new, the solutions have been discussed extensively since at least the 90s, and…
Part of the deal with progress should be that we all start working less. If not is the progress all that attractive?
Improved health so we can all work more is kinda stupid.
Re: Denmark to raise retirement age to 70
#639Earlier quoted context omitted.
Part of the reason employees are reticent to hire someone past 50 is before they worry they’ll retire soon, even if they’re mentally and physically in good shape. So increasing the retirement age might actually improve the ability of folks in their 50s to find work. Not saying this is a great trend, but it’s unavoidable due to the low fertility rate (already a problem everywhere in the developed world and soon to be…
I don't buy this at all. I've hired many people in my career, and: 1. I've never had more than a max 2 year time horizon when thinking about a hire. 2. If anything, I've found younger people more likely to job hop than those 40+.
How many people over 50 have you hired?
Re: Denmark to raise retirement age to 70
#640Earlier quoted context omitted.
Turns out retirement is just an illusion to convince you to give your best years for the system.
Humans need a constant supply of resources and shelter to survive. There is no "system" which avoids this inconvenient fact. In the absence of any "system" at all, you would still need to constantly work for survival - and in fact you'd just die as soon as you were no longer able to do so due to illness or injury much less old age. In other words if there were no "system" there would be no such concept as "retirement…
Yeah. And creating those resources cost less and less with less human labor every year.