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Denmark to raise retirement age to 70

telegraph.co.uk

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Re: Denmark to raise retirement age to 70

#901

Post by Retric »

maratc wrote: post #824
Retric wrote: post #532

Earlier quoted context omitted.

For me nothing changes. The benefits of a pension start before retirement. I can avoid setting aside a huge pile of money for the potential of an extremely long lifespan and then worry as minor changes to that pile become really critical near and in retirement. Suppose you’re 50 with 2 million USD in savings. How soon do you retire and what kind of lifestyle do you live in retirement? That’s heavily dependent on what…

Where I am, we have personal pension plans. You can check "what kind of pension is waiting" by going to the pension fund website and checking. Gov't doesn't play any role in any of that -- except (a) prescribing mandatory monthly payments and (b) determining the retirement age. (You only get small gov't pension if you haven't collected enough in your personal plan.)

If it’s just a savings account, that’s not a pension.

Assuming it’s a defined benefit pension it can include guarantees like inflation adjustments. That’s the fundamental advantage which largely offsets the disadvantage of lower average returns.

I’m not saying putting all your money into a defined benefit plan is ideal, but due to the diminishing marginal utility of money a guaranteed minimum lifestyle is extraordinarily valuable.

Re: Denmark to raise retirement age to 70

#902

Post by trinix912 »

lmm wrote: post #626
cyberax wrote: post #366

Earlier quoted context omitted.

It'll keep getting worse, as more and more people concentrate into large cities. And large cities are family-hostile. The birth rate in cities is strongly anti-correlated with the city size. People just don't feel content and happy to have children in dense cities. Japan is very illustrative in this regard. Young people are forced into unaffordable cities, where they often live in cramped shoebox-sized apartments. Wh…

> People just don't feel content and happy to have children in dense cities. Correlation is not causation. People happily raised children in dense cities for centuries. It was only when the postwar regime of making new housing illegal took hold, and housing prices inevitably spiralled out of control, that they stopped. > Young people are forced into unaffordable cities, where they often live in cramped shoebox-sized…

> Those old houses look great in instagram photos but they're not very fun to actually live in. Young people are rightly prioritising places that are good to live instead of the boomer square feet fetish.

How practical is raising kids in a 20m2 studio? Especially if you've got multiple. I'd bet not nearly as practical as in a house. Plus the recent trend of building lots of smaller apartments instead of a bit bigger and way more practical ones.

Re: Denmark to raise retirement age to 70

#903

Post by tossandthrow »

mmooss wrote: post #225
tossandthrow wrote: post #11

Earlier quoted context omitted.

It is. And this is the case in all western countries. It is just being realized in different ways. Fundamentalle there are 3 ways to cope 1. reduce pensions 2. Raise taxes 3. Decrease amount of benefit receivers. Denmark choose number 3

That omits the essential fact that economies tend to grow - quite a bit over your lifetime. 2% compounded annual growth over 50 years will result in the economy being 2.7x its starting size.

Why?

And established elsewhere is this post, people apparently don't want to live like we did 50 years ago, so economic growth has merely been translated into inflated expectations.

Re: Denmark to raise retirement age to 70

#904

Post by nobodyandproud »

amag wrote: post #409

This 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…

I’m so sorry to see this American mindset infect Europe.

As an American, I can’t realistically retire until 65.

65 is when Medicare is available.

I’d prefer Medicare started from 21 paying out-of-pocket as an option; then the payment starts slowly phasing out at 65. Not this abrupt, all-or-nothing.

Re: Denmark to raise retirement age to 70

#905

Post by lancekey »

edent wrote: post #214
lancekey wrote: post #151

Earlier quoted context omitted.

So since 1950, lifespan has gone up ~14 years in UK. Retirement age has not gone up since it was created in 1940s. Not crazy to raise it a little. Quickly looking at Denmark articles, it seems they’re raising the age to adjust to life expectancy increases as well. I don’t see this a sign of the system failing.

That's simply untrue. Since 2010, the retirement age for women has raised from 60 to 65. Bringing it in line with the male retirement age. See https://www.thetimes.com/money-mentor/pensions-retirement/st... The age (for both) is gradually rising to 68. Source https://www.gov.uk/government/news/state-pension-age-review-...

I didnt have time to write a whole treatise. Yes women’s was brought in line with men’s. I should have said, men’s retirement age has not gone up but said retirement age bc it’s an HN comment, not a published paper.

The raise to 68 will happen, but it has not happened yet. So, I think to frame my comment as “simply untrue” is disingenuous at best.

Re: Denmark to raise retirement age to 70

#906

Post by lancekey »

holsta wrote: post #175
lancekey wrote: post #151

Earlier quoted context omitted.

So since 1950, lifespan has gone up ~14 years in UK. Retirement age has not gone up since it was created in 1940s. Not crazy to raise it a little. Quickly looking at Denmark articles, it seems they’re raising the age to adjust to life expectancy increases as well. I don’t see this a sign of the system failing.

We are not living longer, fewer infants / kids are dying.

It’s both.

Re: Denmark to raise retirement age to 70

#907

Post by guywithahat »

I'm not entirely opposed to raising the retirement age, however what's unfortunate here is the money is needed primarily to cover for spending on immigration. 2/3rd of muslim immigrants have qualified for early immigration (starting at 50), and this has put strain on the system, forcing the retirement age up. There are problems in Denmark but the retirement age isn't the issue in this case

Re: Denmark to raise retirement age to 70

#908

Post by guywithahat »

Night_Thastus wrote: post #728

Realistically, what are countries supposed to do? Almost every single industrialized country has a birth rate below replacement, so there's fewer younger people to help carry the burdens. Medical care means the elderly live on and on and on, draining enormous costs as they age. I'm not trying to be cruel, but from a pure numbers sense it makes perfect sense. Would you prefer taxes go up instead? Lessen spending on in…

[flagged]

Re: Denmark to raise retirement age to 70

#909

Post by LtWorf »

amag wrote: post #409

This 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…

This presumes that people over 60 are effective at working. Which they are not. Mostly they waste everyone's time.

Re: Denmark to raise retirement age to 70

#910

Post by guywithahat »

metaPushkin wrote: post #781

The real truth is that politicians promised that refugees would help fill jobs. Raising the retirement age makes no sense if that was really the goal. Now their lies are obvious.

It's worse than that; most middle eastern immigrants qualify for early retirement. Not only do they not contribute as much in taxes, but they then access retirement funds earlier than everyone else.
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