"that they will suddenly stop what they are doing after a certain age and let younger generations pay for their salary. That’s something I struggle to accept."
I mean I pay ~40%-55% of my income toward various taxes witch fund pensions among other thing. I would expect to get something 'back' after the age of 65. But chances are very slim what that will be any meaningful sum.
Which country? In the UK current tax payers have only been funding current retirees and other current spending, for, IIRC over 30 years. The idea there is a pot with your name on it is way out of date here
That's a problem of the retirement system and the government/pension funds, not workers' problem. Just say the word that the money I am putting towards retirement are not counting towards MY retirement, and I'd stop paying the government/pension funds, and start building the retirement fund myself.
A system where I am funding some random people with the hope that some future random people will be funding me is inherently flawed and assumes
- constant population growth
- a constant proportion of less old people vs more youngsters entering the workforce
That kind of system, naturally, is insane and has no base in reality, considering that the trend is old people live longer, and people have less children.
> The idea there is a pot with your name on it is way out of date here
To say that I am not entitled to MY money, and that me expecting MY money to be there when I retire is some sort of ultimate entitlement, that I vehemently disagree with. So either the pension funds and the govt have to accept reality and actually guarantee MY money (by, for example, not touching some % of it), that I put, towards MY retirement, or they can f-off, and I can start saving myself.
NI is presented as if it is a fund you contribute to for your pension. Of course the reality is any money deposited in the fund is immediately "loaned" to the government to cover current spending.
I mean I pay ~40%-55% of my income toward various taxes witch fund pensions among other thing. I would expect to get something 'back' after the age of 65. But chances are very slim what that will be any meaningful sum.