Reading about pension systems in Asia & it makes me wonder if people in general understand that life isn't linear but clearly terminal. As in it looks something like the below chart & whether we go into the sunset gracefully depends on how we spend our youth (or not spend).
Or like this. In my mid thirties so I should be in my peak saving mode & even more so in the next decades.
Wonder if high school students are taught this. We all will get old & can't work forever (or work in a different way that is less taxing on the body) so have to prepare.
Of course what I'm talking about is an individual level. Pension systems are a systemic way to deal w/ aging. Anyway, interesting stuff. US social security is something that we don't have in most of Asia (systemic saving & spending to help elderly Americans irrespective of income
Some people say, well, u know, we wait for our kids to be our pension (kids get jobs & give parents housing + livelihood as parents did the same).
Why? In East Asia, only a few economies have basic pension system. Do u know what that is? U get a pension regardless of income.
Just b/c u have social security (free medicare + monthly income) doesn't mean that's enough to age gracefully but definitely one less thing to worry about. Anyway, interest rates & investment return & growth all relevant to pension system & the biggest destruction of it is NIRP!
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