caveat emptor wrote:
Situation is especially hard for retired people, as they were basically thrown under the bus. Pensions are very low, sub 20K.
While, in the West, pensions are also lower than average salary, at least they had a chance to save for rainy days, which was not the case in
Well my friend, I have no idea where you get your sugar vision of the "West" pension reality, but I will tell you a secret : it is not what you think.
First, there is a huge difference in so called "West" and you can't compare them as one.
Second, the chance for "saving for rainy days" is a sick joke only.
The savings are deliberately targeted by the inflation in front of your eyes.
All the investment funds are bringing return rates lower than the real inflation level.
It is not a coincidence.
In my country, people's savings have been "nationalized" twice already since the whole reform started in 1999 only.
I have lost tens of thousands of euros being "reassigned" for the nationwide insurance company, where those exist as empty numbers only.
Nobody will see a cent of that capital, still, the capital was real. Every employer transferred real money to the individual accounts. Our govt just ordered transferring that money - more than PLN150 BILLION, approx. 40 bln euro when that was carried out.
Stolen. As easy as that.
Inheritance is non existing in reality.
We are not an exceptional case, you know.
Even in relatively well-tailored German system, they struggle with the pensions being lower and lower.
My friend retired from a position of police officer in rank equal to captain (no idea what it is called in Germany, never asked) five years ago.
If he would keep working for a month longer, new rules would be applied to him, slashing his pension BY HALF.
The German booming pensioners are long gone, they are trying to stay alive at the moment.
What is called a replacement rate - an average percentage of your salary becoming your pension - is getting lower and lower in the whole Europe.
By 2060, it will reach the 25% (!!!) average for the EU.
It is only 38 years ahead, a perspective that every young person starting a career now will hit.
Sometimes it is really good to check the facts.
It might turn out, that the grass is more green at the neighbours lawn only from a far perspective