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- เผยแพร่เมื่อ 7 มิ.ย. 2024
- As our world grows older, governments can’t afford to pay for the retirement promises made to previous generations. Now, shortfalls in public finances are threatening to upend the way our societies are organized. Many worry that retirement could soon be a thing of the past.
In this video, we will look at how the retirement crisis will make our post-work lives harder. We will speak to those who warn that the social contract will be rewritten. And we will ask: why wasn’t this prevented?
Chapters:
00:00 Intro
01:55 History of retiring
05:03 Why the system is broken
06:37 Example: Working retirees in Japan
09:28 Backlash against reforms
10:45 Inequality in retiring
12:04 Example: Aboriginal people in Australia
13:34 Ageism at work
15:05 Why we are bad at saving
18:34 Conclusion
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#economy #demographics #retirement
Rising prices are impacting my plans to retire at 62, work part-time, and build savings, raising concerns about a more challenging situation than those who weathered the 2008 financial crisis. The stock market's volatility and reduced income are causing anxiety about having enough for retirement.
In a recession, consider investing in stocks cautiously, as it presents opportunities to buy low and sell high. While not financial advice, it's a favorable time to contemplate stock purchases, recognizing that having cash on hand may not always be the best option.
Absolutely! A skilled coach helped grow my investments from $321k to over $750k, primarily through stocks, ETFs, and bonds. I anticipate housing prices will stay stable until more homes become available.
@@ThomasChai05 I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
CAMILLE ALICIA GARCIA maintains an online presence. just make a simple search for her name online.
I just googled Camille and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
The disastrous decision to repeal the Glass-Steagall Act in the late 1990s led to the spectacular failure of huge banks during the financial crisis of 2007-2008. To prevent a future catastrophe, Dodd-Frank and this Act both need to be revived right away. What happened with SVB is just the start of what will happen if nothing is done to address the current problem.
I think SVB was attempting to restructure their bond holdings. Yes, they would lose money if they sold their low-yield bonds. However, they were attempting to make up for it by repurchasing bonds on the open market at the higher interest rate.
The SVB scenario warns that the effects of the Fed's rate hikes are still being felt, despite the economy's so far successful resilience. Investors need to be cautious about the upcoming inevitable in situations like these. I'll suggest hiring a financial advisor because you don't have to act on every forecast. For a time, I've been using this as my backup strategy.
@@jeffery_Automotive Would you please let me know how I might use their service to get in touch with this particular coach? You seem to know everything, unlike the rest of us.
The adviser I'm in touch with is 'Julie Anne Hoover' She works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else, for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.
@@jeffery_Automotive Thanks a lot man, I just looked her up and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. Hope she responds soon
Thank you for sharing your thoughtful content... for
putting it out there with the passion that many of us need and strive for. I'm starting to listen to you
almost every morning. Your voice and words are calming, clarifying, uplifting and motivating.
It feels real and genuine. I am grateful to have your channel as a source for having a better relationship with myself and the world around me?
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The wisest thing that should be on everyone's mind currently should be to trading in different streams of income that doesn't depend on government, especially with the current economic crises around the world?
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The financial system has been artificially pumped for over a decade to ensure big pockets were lined; and now those same hands will make a fortune in the largest transfer of wealth in human history by shorting it on the way down. Inflation does have a roll, but that's to keep everyone panicked, and focused on their bills and expenses, rather than focus on the capital crimes of politicians and corporations,I'm still at a crossroads deciding if to liquidate my $338k stock portfolio, what’s the best way to take advantage of this bear market??
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun.. Lloyd Bernard
Ironically, these are the conditions in which life-changing money is made by those who remain calm, patient, and take controlled risks. Volatility goes both ways. The banks are in a big crisis. The market looks very shaky. The bigger the red candles, the bigger the green ones. I have made over $280k in the last 4 months by investing through my FA.
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings, IRA and 401k accounts.
My financial advisor, Kate Elizabeth Amdall"", is a highly qualified and experienced professional in the financial market. She possesses a broad understanding of portfolio diversification and is recognized as an expert in this field.
Thanks, I just googled her and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
that is the reason why nowadays people want to enjoy life as of their young years because they already know their retirement isn’t sure at all
This is the mind set of all the generations after baby boomers, milenials and gen Z just wana spend thier retirements funds now because the world they have lived through makes them think the world in the future isnt going to be a pleasant one
"live fast die young" now seems like a valid strategy
Not to mention, you can really enjoy your time off when you're young and do cool things. I'd rather travel the world before I turn 50 than after, and I certainly don't regret all the time I've spent surfing in my 20's and 30's
Not the only reason. A non-guaranteed retirement isn't the only uncertain factor in a decade full of very obvious global political tensions. In addition, it just seems so illogical to put off happiness by spending two-thirds of your life miserably married to an exploitative corporate or manufacturing grindhouse. Not saying work should be abolished (or we'd end up in a non-functional society), but it *shouldn't* be the only thing life is about.
@@krumuvecis So basically. Enjoy life and party while in your 20-30s. And then commit suicide around late 50s since you won't get pensions anyways.
Demographically it won't help. Dying early won't solve the problem of an aging population. In fact it'll only make it worse.
This is going to be a big problem for Russia in the future due to them sending large amounts of young conscripts to die in Ukraine.
So Russia will probably struggle with having an aging population in the future.
I'm 24 and have been working for a year only and it scares me to think I may have to do this until I physically can't. Already my work is so mentally draining.
I’m 27 and been working awhile and I only have 401k. We need to put money elsewhere because I’m sure we won’t have SS when we are older. Something that has been on my mind for a few years
u got another 41 ye8ars to go before escaping your prison cell! Good luck!
lolololololol only a year and youre whining ffs
@donsteffes9792 the value of whatever money you save will plummet by the time you retire keep that in mind too
What life have you seen to say the comment?..life has just started for you and you already want to retire???!!!
A bear market will eventually finish, and a new bull market will commence. But how do you know when the market has reached its bottom? How can I profit from the current market?" I've heard of people getting up to $250k in a couple of months during this crash, and I'd like to know how.
The market is volatile at this time, hence i will suggest you get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.
Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
@@ThomasHeintz wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
Elise Marie Terry is my portfolio-coach, I found her on Bloomberg where she was featured, I looked up her name on the internet. Fortunately I came across her site and reached out to her, you can verify her yourself.
@@ThomasHeintz Thank you for this tip. it was easy to find your investment advisor. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
The thing I miss often from this conversation is that the boomer generation has in many developed countries grown up in generous welfare conditions, while simultaneously continuously voting to drive down taxes, and water down that welfare state as they have the funds to lean less on it. However they still fight tooth and nail for their pensions and will not suffer the consequences of their voting history meanwhile the younger generation sees no hope in even receiving a pension as the age goes up and up while they still have 75+% of their working life to go.
this is why i support ending social security and its taxes. im tired of paying for other poeples retirement. that is what ira accounts are for. we need to get back to individual responsibility!
@@rmrobertmcgillivray Correct me if im wrong
but pensions were never sustainable
people are literally better off putting said pension to their own investment/retirement scheme
instead of forcing people to pay for a future that current politicians squeeze out of for "greater good"
pensions only work for high-risk low supply jobs (like military)
but other safe jobs? they shouldn't have a pension cuz it's not sustainable to assume all will retire unless populations exponentially grows (unsustainable on planet)
or assume that politicians will not take from the pension balance sheet
@@rmrobertmcgillivray all that will do is increase inequality and further allow the haves to expand their riches, and trap more people in poverty.
Where did taxes really go down? In my country taxes only go up and up.
@@anj000 and that country is?
Great video. We are all seeking for financial independence and a better way of life. This is not difficult to achieve with savvy investing, a frugal lifestyle, and cautious budgeting. I'm glad I learned early on to work hard for financial independence. As Warren Buffet said, he has seen this happen many times in his life. Not an investor, My husband and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $4M. We have never sold so much as one share of stock.
@@lloydbernard5847 I agree with you. I started investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money with an investment advisor and in seven months raised almost $873,000.
@@baileymclean8186 Any chance you can recommend who you work with for those of us who want to make the right plays now and be better positioned for a healthy retirement?
@@lisaollie4594 The thing is that I really don't like making such recommendations. But there are many freelance wealth managers you could check out. I have been working with "LISA ELLEN SHAW" for about four years now, and she's made decent returns. If she meets your discretion, then you could go ahead.
@@baileymclean8186 Thanks a lot for this. I really needed the recommendation, and I would love to move my funds from an existing mutual fund. I'll check her ouT.
The solution is in connecting the cost of living crisis to the record profits elsewhere. Then people can start to prepare for their retirement. There are enough resources and money there. It just has to be distributed fairly
There is enough money, but resources is a different story, if half of riches were to be given to the poor, everything would soure in price bc resource availability stays the same
Older people squeeze younger people with bad policies. Birth rates decline. Fewer people to support pensions.
If countries the world over can still provide tax breaks to megacorporations then they can much more easily fund retirement pensions.
Would you prefer that everyone save for their pension or that gov do that for you? Just curious.
@@NikolaStamenkovic6 I think if you work for 30+ years in a public or private sector that promised retirement (by contract) upon a lifetime of service you are, by definition, entitled to that promise. Government or private policy applied later is irrelevant.
Failure on the other parties fulfillment of this bargain should be met with "tea in the harbor".
"‘It may be thought that suicide follows revolt - but wrongly. … [R]evolt gives value to life. … To a man devoid of blinders, there is no finer sight than that of the intelligence at grips with a reality that transcends it’ (Camus, The Myth of Sisyphus)."
@@NikolaStamenkovic6 Usually works best if its a best of both worlds. Have a basic state pension which will literally provide the minimal amount to live (say £1000 a month in england for example). Here in the uk workplace pensions are legal requirements, so whatever you pay in a year (usually around 5%) the company you work for also has to put in 5%
@@NikolaStamenkovic6 Would you prefer that governments look out for the well being of most people or that they look out for the fortunes of a few who are already rich? Just curious.
Have some consideration for the rich people who consider their vast and growing fortunes to be more important than the well-being of everyone else. /s
Every day we have a new problem. It's the new normal. At first we thought it was a crisis, now we know it's a new normal and we have to adapt. 2023 will be a year of severe economic pain all over the nation.. what steps can we take to generate more income during quantitative adjustment?I can't afford my hard-earned $280,000 savings to turn to dust.
Me too. I thought about investing in the financial market, I heard that people make millions if you know the tricks of the trade, but I lack good knowledge and a strategy to outperform the market and generate good yields. I have $160,000 but it's hard to bite the bullet and do it.
@@Aziz__0 I came to realize that bear and bull markets provide opportunities for high gains, I used to bluff people who boasted of making a fortune in such bear markets until I do it myself. Well, unlike Canada the US stock market has had its longest bull run in history, so the hysteria and mass panic is understandable given that we're not used to such a troubled market. However, there are opportunities everywhere if you know where to look; with the help of an investment advisor who helped me diversify my portfolio, I made over $860,000 in profit the previous year.
@@corrySledd Please how can i reach this your investment adviser?
@@Blitcliffe I have "NICOLE DESIREE SIMON" as my investment advisor. She has a solid reputation in her field and is a true genius when it comes to diversified portfolios, which help portfolios be less vulnerable to market downturns. She may be a name you are already familiar with; a Newsweek piece helped me to do so. She's a Google-able person.
@@corrySledd I searched her up online and checked out her credentials since I was so intrigued. Top-notch! I emailed her to inquire about accepting new clients.
As an elder millennial, one of the few advantages is having lived through the Great Recession. My advice. Reduce unnecessary expenses, increase your savings by investing in financial markets and do not sell. One thing I know for sure is that diversifying your income can help insulate you from much of the craziness going on in the world.
The stock market is a way to hedge against inflation. Most notably amidst recession, investors need to understand where and how to allocate funds to hedge against inflation and still make profits.
In my opinion, the impact of the rise or fall of the U.S. dollar on investments is multi-faceted but learning how to grow your money has never been easier than now that you can explore and experience a truly diverse marketplace passively by using a well-performing portfolio-advisor.
Thats true, I've been getting assisted by a coach for almost 2 year now, I started out with less than $120K and I'm just $19,000 short of half a million in profit.
well the stock market is down 20% since last year. Keeping my money in bank could be no good but investing is riskier I wish to find better value deals as asset prices keep decreasing but lack the skillset mind if I look up your advisor? I admit this is the only way for amateurs like myself
It would be very innovative suggestion to look out for Financial Advisors like ''Jackson Sten Marsh'' who can help shape up your portfolio. Trying times are ahead, and good personal financial management will be very important to weather the storm.
Not mentioned, the fact that a tiny fraction of families are hoarding the vast majority of wealth, and passively earning interest off of it. Raising taxes on these families with a global wealth tax would solve this.
damn bro thats a lot of talk coming from someone who got no idea how money works. You think billionaires got billions in cash just sitting around ready to be handed out? give me a break
It already exists in the form of inheritance tax in most countries. You just don't hear about it much because it's just not brought up. They pay far more than their share.
@@Captain__cooked He is talking about a wealth tax not an income. This means taxing the assets, this can be done by calculating the approx increase in asset value and taxing that. Say a person holds 1 billion in stocks if this year these stocks increase by 5% then that will be taxed. This is not capital gains, this person will be taxed on his holdings. An example of this would be liechtenstein's wealth tax.
@@Captain__cooked They literally do get billions off exactly that. Tax breaks, inherence, and profits off unequal wages are factually proven to be the way vast wealth accumulates the greatest. The wealthy hold 2/3rd of the worlds newly created wealth since Covid despite making up less than actual 1% of the population. It doesnt take a genius to figure out if Rich boy mc millionaire gets taxed a few millions to build a few schools or hospitals off the insane wealth their children will inherit for literally just existing.
You sure talk alot for some one who has no concept of the wealth divide or why its growing.
@@soulr5307 their assets exist in the form of investments, taxing them will just reduced the size of the economy as a hole, a wealth tax is also hard to implement, costly to collect and it can result in capital flight, that's why most countries which had a wealth tax don't anymore, and others reduced it.
Great video on an important topic. Thanks DW.
Pensions in Japan are woefully inadequate. Companies ruthlessly exploit non-regular workers, a category into which the majority of elderly workers fall. A frequent scenario goes like this: the company forces an employee to retire at 60+ and then immediately hires them again at a hugely reduced salary and no benefits. And the politicians suck their teeth and do nothing.
Germany :pension average monthly income after tax is 1.152 euros. $1,272.
japanese: penston average monthly income after tax is 145,638 yen . $1,085
Something that really hurts our pensions (both from the perspective of privately and publicly funded/supported ends of the spectrum) is wage stagnation. When real-wages fall for the majority of people, so do the real-taxes that go with them, and consequently, so does the ability of people to set aside their own savings for old age.
I think a legitimate question not raised in this documentary is the degree to which venture capital and investment dividends are defining the dynamics of our economy today - taking up a larger slice of the societal economic pie so to speak - and this has profound implications for a wage/tax-funded pension system.
And yet if the programs were individualized investment accounts instead of current workers simply paying for current retirees, something that our pension systems completely missed out on with the enormous asset price appreciation of the 1980s, 90s, and 10s, there would be no major crises. So (imo) monetary policies that suppressed real wages to prop up assets, workers suffered from that, but then neither did their retirement savings ever benefit from that policy environment either. Just a total waste.
Capital gains, yknow, equity from investments or real estate, need to be taxed proportionate to their contributions to society. If there's no benefit to society, tax it 100%. Like landlords and insurance companies. Inserting yourself into the supply chain provides zero benefit to society, at best, and a negative return in general.
We need to stop allowing capital to nominally extract without adding to the collective wellbeing. The effects are obvious.
Like, in the midst of a pandemic, social lockdowns, why didn't we mandate a moratorium on rent, writ all and bar none?
Why does every class suffer BUT the owner class?
They make up 0.01% of the population.
We could just make another Friday the 13th and rid us of the problem in one go. I'm not arguing. Greed and wealth hoarding, especially generational, produce the worst humanity has to offer. Nero and other nepobabies don't come from the projects. They're the aristocracy untethered from everyday struggle. They're the natural conclusion of capitalist, err, cannabalistic society.
@@B_Van_Glorious Nobody is qualified to say what value something has to society, that’s why we have voluntary markets where prices confer these decisions at an individual level, with the sum of those millions of decisions being the only valid answer to the question, and always responding dynamically to continuing developments in their lives and in the economy, in a way that can probably never be predicted.
@@B_Van_Glorious Believing that landlords and insurance companies don't add anything to society, puts you in a category of people that should be kept as far away from any economic policy as possible.
Canada is suffering from this. Very little wage gains, was manageable with low inflation. But now with inflation taking off, its become glaringly obvious that working age people cannot save enough to retire or even purchase vehicles or houses without very large burdens that then rely on the price always going up (real estate).
This is going to have a sad ending for a lot of hard working people.
I mean, given that companies are boasting record profits. You can just tax them more.
Yeah, pretty damn simple.
Won't be enough. Will also annihalte future pension. Let people who trusted the government starve. It's fair and a good lesson for the rest of us.
@@unconventional_health if we’re talking about the largest companies yes. Don’t give yourself the California problem we’re nobody can start a business because of policies and taxes
@@annoyingcommentator1582 Tell me you're a privileged piece of garbage without telling me you're a privileged piece of garbage.
Ah yes. "Let the people starve."
That's a pretty good way to get your entire country burnt down in a glorious revolution. Dude, I know you hate poors, many people do. But you're supposed to pretend to care just enough in order to prevent the kind of violence that upper-middle-class white suburbanites piss themselves every night too
Taxing the companies (I assume you mean corporate tax) won't work, it will shrink the economy even more, and if the companies don't have employees their profits will also decrease, the solution is fixing the demographic issue, first with immigration then with highter child benefits.
Thank you for this wonderful video! I have incurred so much losses trading on my own....I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong?
Same here, My portfolio has been going down the drain while I try trading,l just don't know what I do wrong
Trading with an expert is the best strategy for newbies and busy investors who have little or no time to monitor trade
I strongly advise you against self trading, it's really dangerous and had brought so many investors down, you need someone with the knowledge and strategies, someone dedicated to the crypto currency market business, and I will strongly recommend expert, Mrs Shannon
Wow I'm just shock you mentioned and recommended Expert Mrs Shannon,I thought I'm the only trading with her
YOU DON'T NEED TO BE SHOCK BECAUSE I'M ALSO A HUGE BENEFICIARY OF expert SHANNON
One problem with the US Social Security pension system is that you are taxed if you work once you are retired, so it does not incentivize retirees to work. If they only taxed the employer's portion once you hit full retirement age, then you would have more people working, money would still flow into the system and it wouldn't penalize retirees.
If you have reached full retirement age (FRA) and are a single tax filer the first $25,000 of work-earned income is income-tax EXEMPT. You will pay 7.5% Social Security Tax on all work-earned income but that will be added to your calculated SS benefit increasing it. Can a small 7.5% "hair cut" really be a disincentive to work?
@@michaelb6529 $25,000 isn't what it use to be, the problem is up to 80% of your Social Security can be subjected to taxes, and if you are withdrawing some money from your 401K or IRA because eventually you will be forced to, it is easy to get taxed a lot of extra for each additional dollar earned, and yes 7.5% is a lot as well on top of other taxes. My point is to exempt Social Security 100% from taxation and also that 7.5% if you work, and maybe more people would work as there is no penalty to work as your SS would be tax free income.
Does the US social security system offer you enough money to live? The UK sure doesn't. The cost of living is about £21,000 per year, depending on where you live. The UK state pension is currently £10,000 per year. You can take steps to bring your cost of living down by buying your home, create passive income through investments and private pensions or you'll have to work part time for your "retirement" or you'll not make ends meet.
The most interesting point from this video is that those who are most capable of working late in life are also those most likely to be able to achieve early retirement. Incentivising delayed retirement through poverty (postponing or reducing state pensions) only retains working class people who are likely to be disabled and/or chronically ill. To keep highly skilled, white collar workers it will be up to employers to create positive work environments with flexible working options that promote semi-retirement. Cutting employer taxes could give better results than cutting employee taxes, as backwards and unjust as it seems.
@@Draggonny To your first part, not necessarily. Your payments are based on your highest earning years, so in theory your benefits are related to your working income. It is adjusted for cost of living every few years, but it's not exact. This means that many people - especially those with lower earning jobs - make very little in retirement, I'd say less than $10k per year. Higher earners have the benefit of higher payments, as well as more likely to have separate savings and assets.
We should also do our best to educate people on the importance of taking their health seriously so the financial burden as a result of failing/ill health reduces. Retirement planning should also be encouraged. We all know how slowly governments react to things like this and as such we should do the best we can from our end.
That's very true. Besides IRA and 401k, are there other ways we can prepare ahead of time for our retirement? Mine draws nearer by the day and I'm gradually going into panic mode
@@thesportsguruu There's no need to panic. The simplest way is to save more and invest those savings in profitable ventures (you must either be very informed or get the services of a professional so you don't end up losing your savings). I made my first million this year only through something as casual as Stocks and with less than 5 years left to retire, I don't have much to fear. Goodluck!
@@dr.karidouglas1312 ...Very sound and realistic... You mentioned investing and using
pros, if its not a problem. do you mind telling if you used one or recommending a good one? I could definitely use external help right now... I look forward to you
replying...
true, a lot of times, you see people living like they won't retire. even footballers and musicians plan for this, why not you
@@Mrcarlson_E Funny enough, I can honestly relate. Yes, I used one as I literally know next to nothing on the subject. For the professional, I don't know if I am permitted to go into details here, but mine is "Abraham Adam Keith" and you could look him up. I'm not so sure he takes on new people right now, but you could try.
Saving is definitely needed but the real problem is your savings go backwards so easily through ripe off investments and inflation. Its very hard to see into the future now because things are changing very quickly and there appears to be no stability so planning is really called guessing these days
My savings have been obliterated since the great ‘Covid’ inflation
Thats why the only non rip-off investment and way to lock your money away from the effects of inflation is to invest in precious metals such as gold and silver.
The best investment nowadays is your own. Learn to take care of yourself, learn to be self sufficent(growing your own food is like printing your own money), learn to be not so dependent on th system
Also all the rare earth metals used in technology are fairly safe investments....
Neodymium, Lanthanum, Indium, Lanthanum, Lithium, Yttrium, Praseodymium, Palladium, Ruthenium, Scandium.....
@@blanckieification Totally agree, I retired 3 years ago and I have a good workshop that allows me to earn when I want not to mention maintaining my own house and car etc
The most important lesson I ever learned in my youth was to never ever depend on somebody else especially politicians.
I started an OF so I’m good
You still depend on your country's police and military to protect you from criminals, cartels, gangs, and other country's militaries.
@@ihmpall link?
That's one of Elon Musks motivations.
When scientists working on US particles accelerator got fired because of a politicians decision.
..... he never wanted to be in this place.
Indeed. Not only that the quality of our "leaders" has clearly declined in the last few decades. Most politicians are only concerned about getting reelected and not about serving the people as their supposed to.
This seems to put the responsibility of the problem on the workers. We now now after banking crisis, savings will not help. The root problem is wealth inequality and the rich getting richer. We saw in 2008 people who lost all their pension because of the greed and risks taken by their pension funds.
Excellent theme. We tried to forget the future consequences of our acts. The actual retirement system will colapse all over the world in the next decades. We have to speak openly and frankly about this with our family and friends.
I go working 6 months full time every day and the rest of the year i do what i want and i am very happy for the moment with my system , i live when i´m young not when my body is broken !
The Dollar printer has broken down, and the wolf is already at your door.
@@ramdev9578 The wolf is capitalism, and yeah its failed us.
This is exactly what I plan on doing… I want to enjoy my youth, not wait to do things for a later day that maybe never comes
It’s better to burn out.. than fade away.
so are you planning on being "homeless" when you get older? it just sounds like you are lazy.
The problem in society today is the uneven distribution of the steadily increased wealth. Which is due to how our financial system thrives on constant growth and exploitation of workers, minorities, animals and resources. We are reaching a point where neo-capitalism doesn't really work anymore. It will not work for humans, societies, nature and well, our planet.... Honestly, I think we're at a point where we need to consider a paradigm shift in our financial model in which we should transition to circular model which is just and morally sound.
100% agree with this statement!
How about more freedom to the individual. The ability to make their own decisions, good or bad. A higher percentage of what I work for, I keep, instead of having it taken away without my permission and spent without my consent. Too many people wanting to make decisions for other people. Charity is absolutely necessary, but it is only charity if it is voluntary, otherwise it is stealing, and a lot of people are involved it it, not just the politicians, the voters, sometimes the majority. How about leave me alone, and let me manage my own life. If you can't do a job, you shouldn't expect to be paid, that agreement should be between employer and employee, it really is nobody else's business.
You hit the nail on the head. The system of capitalism (at least in the USA) may have once funtioned, but now has become essentially an unsustainable ponzi scheme. What you are describing would be more sustainable.
True but that will never happen before this system collapses.
I semi-retired at 35 years old. That was 20 years ago and I still dabble in my own Company.
Best plan is to do something you enjoy, then full retirement never needs to happen
I have heard from my friend in Canada that the 20s and the 30s are working 2-3 jobs (either Parttime or full time) just for a living. The elderly need to postpone retirement age. This is a worldwide phenomenon.
In Australia we have a decent minimum wage and plenty of jobs.
Have we thought of taxing the rich? Nah, more tax cuts.
tax the rich and they will move to another country with low tax rates like cayman islands. I dunno why u thick people can't undertand that. Money is liquid. It can be moved.
France already has pretty high tax rates. They need to reduce their expenses.
The rich either left their country or become a None Dom .
@@alexanderdekeuyper2990 Well, if they are filty rich, they are not going to care , are they ? They probably belong to the elites International citizenships .
@@alexanderdekeuyper2990 sir, this violates the Universal Declaration of Human Rights
The issue is that in many countries, notably the U.S. and U.K., the generations now in retirement tore up the social contact by taking too much out and putting too little in. They an are in charge, and don't want to share in any of the sacrifices, whether paying more in tax or suffering lower benefits.
As a result of the 1983 plan to "Save Social Security," the later born will get 20% less if they retire at the same age. But the average person born after 1957 or so is paid 20% less than comparable people born 1930 to 1957, and that will also decrease their benefits by 20%. Whether the retirement age is raised again, or benefits are just allowed to be cut, that will be a further 20% reduction. The "small government" Republicans have promised to guarantee the old age benefits of the older generations that vote Republican. And .8 x .8 x .8 mean a benefit that is half a comparable boomer. And in the U.S., later born generations also have lower life expectancy.
The alternative proposed by the Democrats is another 2.4% in payroll tax, assessed on later born generations only. A higher tax on work income only, not investment or retirement income. With an immediate tax cut and benefit increase for today's retirees, the richest in history.
In places like China, later born generations are smaller but richer than their parents. While they face challenges, the later born should be able to afford to support their parents' more modest lifestyles. Not so in the U.S.
Eat the Rich is not going to just be a phrase in a couple of generations
America is the richest nation in the world, by far!
But the problem is that over 70% of those wealths belong to baby boomers.
The baby boomers also stuck in the cold-war mentality.
Where war & blood are "key" to resolve conflicts instead of dialogues.
We desperately need a multipolar world.
A check and balance on The International stage.
Social security taxes only apply to the first $118k yearly income, remove the cap problem fixed.
Yep. the "Boomers" partied like a rock star, and we've got to pay for it.
You are wrong about china and they have an ageing population, they will face those problems before the US does because of population demographics
thank you for your great work!
this was a very well covered video
Everyone with a brain knew this was coming. I mean what else would happen when wealth keeps concentrating in the top 1%? If the vast majority of people are becoming poorer, then tax revenues fall (because rich people have ways to avoid paying their fair share). This reduces funds for public services.
People have gotten richer for hundreds of years, what are you talking about?
@@TheSteinbitt defo not you
Wealth on its own will not help us. We need working age people.
All those who didn’t have kids contributed to this
the west tanked the whole system when most production went offshore.trickle down economy/service economy remember those?...wow never seen this coming
@@TheSteinbitt thats just a lie in the 60s you could have 5 kids a stay at home wife working as a carteter
I am 43 years old. I only have one kid. I don’t want to put a lot of people in this planet to be slaves to a tiny minority in a collapsing ecosystem.
Very smart. The pro natalist culture is a sneaky way for capitalists to control us. Keep the people plentiful and poor for cheap labor. But people are starting to fight back.
Fewer young people are the major part of this problem.
@@aditya-ml6km u don’t get it. Fewer younger people are a RESULT of these issues. It’s easy to say “just have more kids” but when the present and future outlook for those generations look increasingly more difficult, why even bother?! U know how expensive kids are?!
@@aditya-ml6km the major problem is and has since long ago been the distribution of wealth. i'm participating in the french demonstrations and get to talk to a lot of people, and we all agree, that it is not just about pensions. it is very well a question of slavery. I don't want to have any kids and i'm already growing old, so, take that humans, it's your fault
@@hanswurst3579 who will pay for welfare schemes if there are not enough working people? Is this rocket science?
I am 64 years old and I am planning to work until I am 74, almost seven years past my government-declared full retirement age to begin collecting my social security retirement pension that I will have paid into for 53 years. I am delaying collecting my SS retirement pension until age 70, which will increase my benefit, banking it for the next four years and saving every dollar i can between now and 74. I also have a small pension. I still plan to work part-time after 74, probably in a virtual capacity as I am a white collar worker, in addition to doing volunteer work and focusing on my health and family. My parents got to experience the real "retirement" we all thought we were working towards but i realized it was not going to happen for me that way and i am going to have to continue to work and take responsibility for my retirement future. I am grateful that i can. It makes no sense to become entangled with the anger and frustration that is rooted in feelings of entitlement about our retirement years. I'm not college-educated but I am a reasonably intelligent person and I've seen the handwriting on the wall about this current and future situation for a while now. I think the comments about the economy, inflation, and the 1% not paying into the system are valid. Those and other reasons out of my control (including the loss of employer pensions across the board) have contributed to my inability to retire when I expected and was told I would be able to. So i have another plan that will (should) work for me. Thank you for airing this video. It really hit home for me.
Most retirement programs include some degree of investment risk, which is managed by a financial/banking institution. And what the banking sector has done in the last decades is to increase more and more investment in riskier elements that imply greater losses, and that includes buyback stocks to some degree (especially when there are losses in the stock market and shareholders put pressure). Thus, the money of the workers (everyone who has savings in an institution) generates profits for the shareholders, but when there are losses, they end up in the workers account, not in the shareholders'. It's money that enters the financial system, but does not return to people.
Spot on!
The sad fact is that most of us are screwed…
Amen Brother.
retirement is for rich people
Because most people make HORRIBLE decisions...
Get new skills. Rich people are not responsible for us 🙄
@@olgagreen6059 if history is any guide, Olga, the rich are not responsible for much of anything :)
As an American, I've always expected to have to work until I die. It's hard to imagine retirement.
The average retirement age in the US is 62, which is pretty good though
I feel that needing to work until you die is different from being productive because you want to.
You are what we Asian Americans shake our heads at. Wonder why we are wealthier than white people even though we came to America poorer? It's because we invest on education and plan for the long term. Don't indulge in foolish spending, and save/invest like an Asian and you will see why getting wealthy in America is quite easy, we know it is compared to Asia.
@@loukasfrantzolas6494 The old age poverty rate is also extremely high in the US relative to Western Europe, though. Upwards of 25% of people over age 65 in the US are impoverished, upwards of 33% over the age of 75. In places like France, Germany, Sweden, etc., its 5%-10%, in others, like Denmark and Iceland, its as low as 3%.
Your example also belies the age discrimination problem in the US (and probably elsewhere)... If someone is in their late 50s/early 60s and they lose their job, it will be incredibly difficult, if not impossible, for them to find any other jobs beyond the most menial minimum wage jobs that exists, which most of them can't even physically do. People in that kind of situation are forced to 'retire' and start collecting their social security early, despite it reducing their social security payments AND wanting to continue working, because otherwise they will have literally no income.
Retire and do what? I like my work and will do it as long as I can.
It is so true about how it dificult to get hired after a certain age😢. I lived it, so many
in terviews, so much discrimamation at work, it was painfull. Thank you for informing the public. Looks like i was not alone living this.🤑
In Germany, I heard warnings no less than thirty years ago that official authorities were already worrying how to deal with state funded pensions, if things would go on as envisioned. To curb the expenses, they decided to stop installing officers, and instead hire clerks. Moving the burden from the local finance treasuries to the higher authorities, including the federal state. Worries about common workers pensions also had been there even in the 1980ies (when Norbert Blüm was Minister for Work and Social affairs). It hasn't been resolved yet.
It isn't only the inverted population pytramid. It is also the fact that many which are at an age to work, either cannot find jobs (them being taken away by automatization) or are so underpaid that they cannot pay high amounts of income tax, which is funding the state. Often it is even the other way around, that they are earning so little that the state has to fund them.
Talking about companies privatizing the gains and socializing their losses (often by avoiding taxes and laying workers off) - this is aggravating the situation even more.
There's a trap in advanced civilizations of going through all the years of education, followed by low entry-level income, and finally being ready to commit to a relationship and start a family in your late 20s or even later. Some families even push their kids not to "mess around with a girlfriend/boyfriend and concentrate on school."
So true, my parents were very strict about relationships....I don't blame them, it's almost impossible to raise successfully child these day, hence my hesitance to have my own kids.With every aspect of life changing so fast, its hard to predict anything about future.
...Except maybe lack of new generations😅
@Universe Slap That was me too! My mom was always like "she's not good enough for you" about any girl, so I rarely dated at all.
I kind of understand why with all the female peers I've had that made fast friends, got pregnant, and dropped out of school to work in retail.
In addition I see many parents forbid their kids from even working until they graduate from university. Many educated young people lacking any form of work experience, even life experience.
There are no jobs, homes and no one can maintain a real relationship. Boomers broke everything.
That’s really sad
Do we want a future with more untaxed billionaires or a future in which everyone can have a better "Quality of Life"?
We can't tax the billionaires. That would be communism and cause poverty for all...
Absolutely true. Billionaires are rent seeking thieves.
Really good article - thank you
And yet production and efficiency is on the rise from the 70's... Revenue of a country grew yet the salaries didn't even close... So greed and power and re-distributon of wealth must happen and it will... There is no lack in the world just poor systems.
Even this video doesn't even introduce the idea of taking the money from corporations
Revenue of the country grew? WTF does that mean? How is that related to salaries? Learn economics
Productivity went up, but working hours went down. Standards of living went up. Life expectancies went up. Confiscating paper wealth from the wealthy doesn't solve the problem of a large number needing things like health care, while only a small number can provide it.
Some people are very rich, but even the VERY RICH have very little compared to the needs of billions of people. If we took Jeff Bezos 250 billion dollars of paper wealth(which is really much less than that if he tried to cash it all in) and spread it around to everyone in America, it would be abput 800 dollars per Amerrican.
Now that's a lot of money in aggregate, but it wouldn't last for very long. It might support a retired person for two weeks before it was gone. Even if you move on to Elon Musk, Bill Gates, Warren Buffett, and keep going down the line, ypu will wind up with a lotbof money, trillions of dollars before you're done, but it would still only fund social security + medicare for a year or two. It's not enough to solve the issue, only kick it down the road a little way into the future.
And that's America, where we have "only" 340 million people and we have some ridiculously rich people. The situation would be much more dire in Europe or Asia, where the population imbalance is worse, there are far more people, and the wealthiest people aren't as wealthy.
Good update on the retirement issue. Thanks for sharing.
Thank you!
In my opinion, the way to solve for this issue. As an individual you must understand that we're in an asset economy. You must own assets which you can rent later, houses, apartments, potentially also stocks with dividend re-investments. In your lifetime you must complete on 2-3 of those assets and own them outright. In doing so, you insulate yourself from money inflation and you have a future incoming which can allow you to retire early and or pay for healthcare. You should move to spend most of your time in a lower cost location as you retire, or if you can work remotely. And finally, you must also think wisely to be around your children and pass these assets to them in an orderly manner.
Why not do it like Australia? Everyone has individual retirement accounts and they have to pay 10% of their wage into them. That's why Australia has the highest net worth in the world, and there's no pension collapse coming.
Money in your super won't help if there's no workers to take your money....
@@calj2090 We'll take our millions to retire in South East Asia.
Because lots of lazy people relying on those who work. So if they are lazy bastards they won’t have any money
I am uncertain of the details but Italy has a system where those employed in blue collar work can retire before those which have a white collar job. IN principal this is reasonable, as even if life expectancy is different, which I would argue is due to other factors than simple work factors, extending the working life a blue collar worker is much harder than that of a white collar worker. Standing all day on a factory floor at the age of 67 is a lot harder than sitting at a desk all day at the age of 67.
thank you ,, i agree
Good model
I'm italian and I can assure you are right, in Italy those employed in most straining blue collar jobs can retire before white collar workers!
But that means white collar workers will have to pay more into the pension system and get overall less, since the retirement age is different
@@johnsamuel1999 That is true, however my wild guess is that some jobs simply cannot be continued as you get older so deciding to undertake a blue collar job has a long term disadvantage which requires some additional assistance. I am not certain if this is reasonable or not, I will leave that to others to decide.
I thought, in general, Australia has done pretty well. There are the regular groups who miss out, which definitely needs attention, but we get 10% of our pay, usually on top of our pre tax pay, going into our pension fund. It's enforced so everyone working gets it. Which should enable the government to be much less responsible for pension funding of the population, and so enabling them to afford those who haven't been lucky in life
It is a good system, although some workers (particularly with the rise of the gig economy) fall through that safety net due to being contractors and their employer using that to get around paying into their super funds. We also have the Future Fund, which is there to fund the public sector pensions, so I’m not sure Australia will have the 9T blow out as suggested in this video - some of the work has been done to address this issue, which has been known about for a long time.
@Maddie No. I'm really aware that firstly it's only for those of us with secure permanent jobs. And also if the stock market crashes a week before my retirement then I'm screwed. Super really shouldn't be linked to the stock market. It's made us all locked into the insanity that is stocks and shares. Basically we're gambling our entire work life savings on a fixed game.
Inflation is less of an issue, as the stock market and our pay would likely increase too. Although as is happening now by not as much. If petrol suddenly cost $10 a litre, the global economy would collapse, so let's hope that doesn't happen
@@danellis-jones1591 Stocks should absolutely be a part of it since they earn the best returns generally, but you don't want the whole fund to be in that ofc, as it's too volatile. A mixture of stocks, bonds, including getting creative with infrastructure bonds, mining etc, and then gold, gold really ought to have a decent footprint.
There is no comparing a system like that, to a system like we have here in the states, and in most developed countries, where there isn't even a return being generated, where the accounts aren't even individually personalized, just the current workers paying taxes which then goes to current retirees.
the daft government said during covid that you could draw on your suprer and alot did ,now thay cant put it back and some did un necessary things and didnt cut back on entertainment and home improvements
And this 10% is going to an account and is stored there? Or is used to pay pensions for current retires NOW?
Great reporting, as always!
Thank you to DW for is editorial impartiality efforts, and also to all the people at DW who strive on a daily basis to make their best quality work to inform us.
From the bottom of my heart, thank you!
It is only with transparency on information that we collectively, as a society, can evolve and improve our lives.
Cheers from Portugal.
impartial ? dont make me laugh.. this was horrid. the message here is clear, people need to stop bitching and work longer and harder.
HOWEVER, there is no mention of the sheer inefficiency of our econemy. so many useless jobs, so many things that could be done better, so much stress and extra jobs because of bureaucratic failure and horrid policy making. no mention of UBI no mention of larger economic reforms at all.
this is stuck in the same system and unwilling to look to the future with impartial eyes. true impartial eyes would look at options beyond the rich class wishlist.
"the government needs to raise the retirement age" instead of "the goverment should stop rampant greed that is destroying the pension systems and economy"
@@DaStefanP Laughing is great. If I made you laugh, I am a happy person.
Thank you for the feedback 😀
Regarding your comment:
The math is pretty simples: if the average life expectancy has risen - fortunately, due to advancements in drugs and medicine practices, coupled with the Government's investment on Health Systems - how should the current retirement model work?
Meaning, if there is more people receiving pensions, for what the system was originally designed for, what is supposed to happen?
Compounding to this, there are two factors:
a) There are less adults in active age contributing to the social security system, which is part due to the decline in birth rate; and
b) There is a considerable decrease in salaries of the current entering generation, compared to the retiring generation (accounting for inflation, which is also a factor for increasing pensions).
This is why we have to be pro-immigration, and be strategic in increasing the birth rate in Europe.
Otherwise, we are destiny to fail as a society.
The whole story is about how good it is for old sick people after 65 to work as gardeners. This is idiotic. Working as a gardener is extremely physically demanding even for young people. And tell me, please, what does work in retirement have to do with the question that the state has nothing to pay pensions with? The only conclusion from this plot is to work until you die, the state has abandoned you.
Don't see what the problem is. It is common knowledge that work required is less as robotics and ai expand.
The only problem is that the benefits are not being shared, they are being pocketed by a few greedy super-rich.
Legislation to fix that is all that is needed to be able to afford a well-deserved society which can afford to shrink and afford for the old to enjoy funded retirement. And also to afford to fix environmental and poverty problems.
excellent report.
Great video, covers the topic well. Besides disability and age discrimination potentially keeping older people out of the workforce, another factor is caregiving (at least in the U.S.). Even if an older person is healthy enough to work for an employer, they may have to care for a parent, spouse, or other relative full-time. The caregiving system in the US really only works for the wealthy, who can afford in-home care or a good facility. Spaces for Medicaid patients at nursing homes are very limited for the poor while the middle class may not be able to afford nursing home or in-home care if a relative's needs become too much for a caregiver.
As someone who live in the US, born in the 80s, we come to understand we wont ever be able to retire. Only those who became rich will enjoy that luxury. And after AI leaves it mark on the world there will only be two groups of people the haves and have nots. I never worried about it before but then I had kids now I do .
It's bad enough now that people see in their teens the dangers of even attempting a family, so they don't.
Not enough people see that and they certainly dont vote like it.
Speak for yourself. Like most responsible person, I don't spend all my wages each month. By taking advantageof the 401k, HSA and company matching, diversified investing, my wife and I have over $2 million now. This is typical among us Asian Americans. We shake our heads at how people who make less money than us wasting their money buying daily Starbucks and new cars every few years, rather living up the moment than have a plan for life.
Why should rich people pay for the bad decisions that poor people’s families made?
@@olgagreen6059 Why should rich people not pay a living wage for their workers? Do you think it’s acceptable that Amazon doesn’t pay enough and exploits their workers? Stop licking the boot and support your kind.
It's not about money, it's the fact that no matter how you tax or penalize the younger generation, there just won't be enough available labor and productivity to service the retirees. You can't buy something that is not going to exist, and even if all of the wealth is shunted to the old, there will be nowhere to spend it.
Then add the pressure on governments - and willingness of the big-government politicians - to tax people and companies with money!
@@dro355 the corporate money not gonna take care of the old people alone lmao
@@prodbyfm it would be a start...
@@MusaMecanica i really commented on a news video like im not 18 lmao idc about seniors fr im prolly gonna get drafted to go to war soon
bs. AI and Automation and Humanoids exist
Something the video does not state is that: we as society should prevent the existence of billionaires. This degree of wealth concentration will make everyone lifes (except for them) worst and worst.
There is absolutely no way you can do that.
Dumb statement, no offense
In the U.S. we need to educate our kids in public schools about being fiscally responsible. Social security taxes should be increased on large corporations regardless of how many people they employ (fulltime, part-time, or 1099). Corporations are more profitable with less employees. Also, the federal government needs to keep their hands out of these funds, and part of it needs to be invested.
Social security taxes are taxes on your wage, including the employer portion. You would just be increasing taxes on workers. Yea we pay 15%+ to social security and medicare, not 7.6% lol. We should be abolishing the payroll tax altogether imo (& it is do-able), but that's a discussion for another time.
The hard truth is, new generations earn relatively less than their parents, so it's harder for them to save enough.
Especially now with inflation
Any proof of that? My parents could never travel abroad, ate simple foods, had no internet, mobile phones, dangerous and unreliable cars and paid 15% interest on their mortgage. I’ll take my life any day.
@@TheSteinbitt An individual from the royal institute gave a presentation around the idea that older generations had in some ways screwed over the younger generations economically. One of the examples he gave was a line chart showing the average wealth of each generation over time. And yes, millennials and gen z are currently on track to be poorer then their parents.
Also keep in mind that how much you earn isn’t the only thing that matters. It’s also how much you can buy with what you earn
and hard to contribute to the pension system when the overall salary average of a country has been stagnated for decades.
@@TheSteinbitt Are you from the UK? I saw a comparison the other day between the millennial generation and the boomer generation (I think it was) and they only had to pay 4-5x their annual income for a property, it is now 9x annual income for this generation. The only thing that has improved is the technology/medicine etc.
I’m in Japan and all around me are people who look older than I am (73).😢
The calm and reasonable manner in which this problem was discussed is a credit to professional journalism.
Though the idea that reasonable solutions can be found seems to be based on the presupposition that all else remains equal.
Given the disruptive forces that threaten the stability of global society i.e the looming energy crisis, water shortages, climate change and, the challenge to the dollar's dominance - that seems unlikely. Moreover the younger generations, who will be asked to shoulder the increasing financial burden of these pension plans, themselves may not have much hope of enjoying the golden years of which you speak.
too expensive to have kids, modern society has made it almost impossible to have job security or a family.
In Australia the pension age is 67. That being said I have intention of retiring. I will keep working till I cant.
As a man living in the Glasgow area, I am subject to the Glasgow Effect. That means I have a 25% chance of dying by 65 and a 50% chance of dying by 70. The UK State pension age will probably increase to 70 pretty soon which means I am likely to die before ever receiving a penny from the government despite my national insurance contributions. As I am likely to die early, I have saved and invested my money. I now own a rental property, invest in the stock market and have bottles of premium scotch whisky that I can also sell to collectors. This allows me to retire with some dignity in the next decade when I reckon I am likely to die of cancer or perhaps heart disease. The philosopher Nietzsche encouraged us to love our fate. If, like me, an early death is on the cards for you, I encourage you to pursue financial freedom so that you can retire early and don't need the state pension to survive. It probably won't be there for you anyway. Remember that the economic system we live in is a giant game of Monopoly. You cannot just work a job and collect your £200 and pass Go each month. You need to buy assets because if you don't you will be wiped out by things like interest rates and inflation. The best of luck to you all. If you want to know more, there are some excellent videos on TH-cam especially on The Simple Path to Wealth by JL Collins.
Glasgow has many universities and people staying for jobs after graduation. Rent market is huge in west end.
If you own 2 properties for rent you’re free with basic needs already.
The problem is that for the rich to stay rich, somebody has to give up their time to do low paid jobs unwillingly. Why is there a lack of labor? Because companies are always about growth and making more profits. The growth concept needs to be eradicated before we suck out every little ounce of resources on this earth. We don't need to increase population for the sake of growth. There will be no end to this.
The US economy is grappling with uncertainties, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, but it's getting stronger compared to other currencies and things like gold and property. People are turning to the dollar because they think it's safer. I'm worried about my retirement savings of about $420,000 losing value because of high inflation. Where else can we keep our money?
Well I recommend you make a diversification plan because it's been harder to build a good stocksportfolio since COVID. My colleague suggested I hire a brokerage Advisor, and I've actually made over $150K with their help during last market upheavel. They used defensive strategies to protect my portfolio and make profits despite the ups and downs.
I find this intriguing. Could you please provide me with the means to get in touch with your Adviser? I am concerned about my dwindling portfolio.
I think the most telling thing is "They deserve to retire they deserve to enjoy life" as in, working and enjoying life are not synonymous. This is what needs to be fixed.
Sure, and who is going to pay for the daily requirements - food, water, electricity, maintenance, housing...? Are we just going to have a slave class that works for another group? People can't just live for free. That is why we have work and retirement savings.
There needs to be a balanced way to work and enjoy life, not get rid of the concept of work altogether, unless you have some robotic-worker utopia in mind.
If you work a job that excites you, no, but MOST jobs are for the paycheck and simply paying bills
Work might be more enjoyable if employers didn't go out of their way to exploit their workers.
That's because for the great majority of people working and enjoying life are DEFINITELY not synonymous. For me personally, work is just a mandatory evil to get the bills paid and food on the table. I'm not going to work one millisecond longer than I have to. I have so many things I want to do and work's just stealing away my time, the best years of my life.
Pay people a living wage to have a family and they will. It's really not that hard. Spread the allocation of resources more equitably and things will improve significantly.
Edit: these experts and journalist have so many questions, but the workers have the answers.
👏🏾
bs. Companies don't have the money to "spread" resources, they are to heavily taxed because of retirements
@@Solid_Snake88 American co.panies are reporting record profits. Sontag take my word for it at sec filings.
@@derekhauser6780 I am talking about europe!! Get off european comments
@@Solid_Snake88 I don't think you understand the global economy.
Great video unveiling some unexpected turns of the topic. I share the ideas about life expectancy inequalities and that we should address it by making the pension age more personal.
At the same time, there is a major thing not mentioned: pay as you go system (current workers pay for future workers) is the main issue. There is another one - when current workers are paying for retirees of the future (around the time when they retire themselves). It is kind of a voluntary pension fund, but not voluntary. The reason why save for yourself policy is bad is that it underlines the social inequality - some people earn just not enough to save. So the governments should make a mechanism with a proper contribution which will be effectively invested while the money accumulates during the decades.
It is really striking to me that Governments and the majority of the Population are not able to see that the major issue which remains to be solved is Birth Rate.
It is the birth rate which caused:
a) This issue with retirement plans;
b) The scarcity of people in many jobs in the economy;
c) Which caused the increase of payments, which increased the inflation;
d) In turn, was solved in part by immigration in our European societies;
e) Which in turn has divided the society, and allowed the extreme right political movements to rise.
Hence, it is highly important to talk about Birth Rate.
Why has birth rate declined so sharply?
Some say that is due to higher education, which makes people delay their age of starting earning their own salaries.
To be honest, not only I think this could only delay this phenomenon by, at most, the 5 year period of a BSc + MSc, but also there are still people which get out of Education at the minimum mandatory schooling.
To be honest, I think the root causes to the decline of Birth Rate are as follows:
1. The decline in purchasing power, in general;
2. The decline in wages, especially in an early stage of the career, which did not accompany the inflation rate in the last 10 to 20 years;
3. The excuse given by the 2008 financial crisis to not increase wages;
4. The corporate greed, and by CEOs in general, to squeeze the most from worker;
5. In line with that, the move to produce goods in Asian markets, which cut jobs in Europe;
6. The difficulty in having a stable job income;
7. More importantly, the difficulty in getting a house.
I notice, namely the 6. and the 7. the most, when talking to older friends, family, and people in general.
They simply do not understand that it has gotten quite difficult to save money on our young salaries, especially given the precocity situation that many young people face - namely, internships not paid, contracts which only have a duration of one year, contractor jobs / freelancer, etc...
Many of these working relationship behaviors came from the period of post-2008 financial crisis, where there was more people seeking for a job, than actual jobs.
Thus, companies saw this period as an opportunity to pay less, offer less, and earn more.
It was only after the COVID-19 pandemic, has the plain field shifted,
Now, companies have to pay more to attract talent.
Moreover, Governments have disregarded housing.
Housing is a major part of a society, after water and food security.
Thus, Governments shall pay more attention to it, namely make affordable housing a reality again!
Please, pay attention to birth rate TODAY!
Because, the good earning of today's policy will only provide the fruit in 20+ years time
I've never fully understood the concept of retirement and pension. I am 40, and i have worked somewhere around 10-20 hours a week during my life. Sometimes i do not work at all. My collegues always ask what i do with all my spare time, and i answer them, same as you will when you retire, only that i am young and potent.
Given i am no materialist, i barely consume. But i eat as i please, and have a nice flat that i own. I miss nothing. If i keep working and being active till i die, i will still have had a total of more free time, than people in the wheel of stress and self degradation working for their eventual retirement. If they make it there.
Some 40+ year-old people can't get stable jobs and chose to have children
I cant even survive working 45 hours a week bro you are privileged.
How did you buy your own flat barely working a few hours a week? That was all your money? Real estate is getting very expensive in most urban areas even in the not so advanced economies
@@thomsen256 probably daddy's money
@@thomsen256 he is trust fund kid. I work 45 hours a week and still have to put small amount of debt on credit cards each month.
What Margaret Thatcher and a family tragedy taught me was: Capitalism is bs, and life is short . So, I made a plan. My plan was, have as much time off having fun in my late 20's and in my 30's and then spend my old age working until i drop dead. It worked. Now, in my late 50's I absolutely love working, and even if they raise the retirement age to 90, I could not care less; I HAD MY FUN...and in fact continued well into my 40's before I knuckled down. Delaying "living life to the fullest" until your body is knackered, is a lie sold world wide...as the system gets you to work like a dog, with a promise. I regret NOTHING. I remember going into my office and telling my ahole of a boss: "I quit". I then spent 2 years going around the world windsurfing. There is ALWAYS time for work. So, chillax if you are young...live life and enjoy everyday.
This is exactly what I do in my late 20s.. I work 6 months, then off 6 months, spent traveling… hopefully will continue this trend in my 30s… what’s the point to relax and enjoy life later when that date may never even come
That sucks imo. I plan to enjoy my life until I die imagine working into your 80s. Lmao
Exactly. You can work like a dog then be too sick to travel or die.
Yes to all of this! I did the same.
In the US, the reason that there is such a big dip in Social Security going in, is that forever the amount you make is taxed for Social Security is capped at about $150000 or so. But, there are many people making well over that amount: $300000, $400000, millions. All do not pay Social Security tax after $150000.
Good report
As I see it, several factors are contributing to this. Corporate greed and wealth inequality are the two biggest factors. A handful of people earn more than everyone else combined. This is just absurd. Another factor not many are discussing is the population growth. While having kids can be an enjoyable adventure, it is a costly one; both for the parents, but also for society. With more people you need more resources (food, housing, energy, space, transport) and more money to keep the wheel turning. We are rapidly depleting even our renewable resources, because we are simply using too much of them. Eating beef vs eating plants is not a long term solution, neither is green energy. These strategies will help in slowing our decline, but it is not enough to stop it. But decreasing our population would.
Population in the developed world is already on course for decline, the rest of the world will be in the same boat in a few decades. We're going to be dealing with a population shortage, not overabundance, some of the dynamics of which are covered in this video.
Completely agree, we need more than 90-95% taxes to eradicate economical inequality. And rising population is even bigger problem nobody talks about. People shouldn't have more than one kid it dangerous. Why people don't understand it? Less people means less consumption. And free market leads to inequality. There are also many who suffers from spreading racism and sexism and it will shure eventually kill our economy. Why just not rise allowance a bit for them? Capitalism is a big mistake, sad a few people understand that.
Decreasing the population would make the problem bigger lol
@@Cotswolds1913 We won’t have population shortage for a very long time…. And the decline is extremely slow. We will have climate collapse sooner than our population will shrink to a more sustainable size.
@@naniyotaka Not that fast in the US sure. In most of the developed world the shortage has already started. Most European countries population will shrink by 2050, but working age is gonna decline much more drastically. For some countries it’s downright apocalyptic.
the elderly in Japan, they used to love working so much and they dont want to quit neither and we usually dont have layoff if you are permanant employee
Send us your elderly.
Good for them. They can work until they drop dead, but I am not interested in such a life.
Let’s be real here - the only way to have anything like a retirement these days is to own assets that generate income passively. Saving money just doesn’t cut it anymore…
The biggest problem for this retirement issue is that many people depend on government for the majority of their retirement. One solution is to have a stable set of laws that allow people to save and invest on their own and people educating themselves on how things work rather than always just depending on someone else. The information is readily available on anyone’s mobile device. The problem is some people love spending/wasting time on social media and other things. Those are good distractions but people need to have the initiative to use majority of their time to learn.
When you teach people to fish, you feed them for life. Now if no one offers to teach you to fish, go seek the info yourself and teach yourself how to fish. It’s not rocket science. And it’s not impossible.
Japan's problem was a bit different .Pensions were diverted in National Debt mechanisms rather than stocks and share with very low interest .So upon retirement the private pensions were low .
I'd love to take personal responsibility but I'm still required to dump my money into a ponzi pension fund that I know I'll never see when I retire.
Whether increasing revenue or decreasing payments are the only options depends on whether it is a central government pension or a private one. Central governments can create money, and must do so to fund essential services and demand for money in a growing economy. Restricting availability of money created by government means the only source of new money is private loans from banks, which raises debt to unsustainable levels and causes recessions.
Wow and I retired at 42 and 41.
Our combined pension is $10k a month.
Both worked in the Air Force
And yet some people went from 50 billion to 150 billion in a couple of years.
I now wonder how advancements in AI and automation will aggravate this problem. We are already seeing jobs cuts due to automation.
The Japanese government is already working with OpenAI to automate some government jobs.
We've been seeing job cuts due to automation since the invention of the steam engine.
@@guydreamr But there is an entire white collar class that can be AI’d away. If not now, then within 10 years.
You can’t think like that. The same could have been said for steam engines, horse and cart, electricity, planes etc. ChatGTP and LLM is just something now, there will be more in 5 years and something else beyond that.
As a human you need to evolve with it and remain flexible. Don’t consider your job/career as something you will do forever. Just think in 5 years increments.
A lot of the comments that I hear compare the technological advances in AI to the industrial revolution days.I feel the real basis should be what’s the scale of impact when steam engines were introduced vs models like ChatGPT.
If you want to save for retirement you have to do it in your twenties, especially if your still living with your parents. Another great tip is to study older people first hand and find out how they cope. People should be retiring at 65 and doing the things that make sense to them and spending some of their savings. By the time your 85 to 90 your lucky if you can still read license plates or paint a wall. Most people who are older have multiple problems, especially if they lose their mobility, everything starts shutting down. Seniors can extend their life by having younger people keeping in regular contact with them and taking them to medical appointments. But money talks and merit walks for some people, so having kids and looking after your parents is not a thing. It's also a sign of immaturity that bites in retirement.
Bro this isn't a life - Ur working for most of Ur life - wtf so you could have 10 years max to yourself ? And when Ur 65 Ur youth is gone ! Ur almost over - u can't really live a good life - we were not born to slave away in a system that despises us
This may have been true once, but not anymore - savings are being depleted by inflation rapidly. There’s no way for regular, working class people to save for retirement these days: you need to buy assets that generate passive income or else be doomed to work until you die.
@@wilberwhateley7569 yup but the thing with investing is if you don't know how to do it you could lose it all and go into even more trouble
@@keyboards6364 Nobody is born with the right to not work AND have everything provided for them. If you wanna opt out of modern society go buy a shack in the middle of nowhere and fend for yourself.
You're not a slave, you're a participant in society. Grow up.
@@ten_tego_teges Depends... What is a slave? In Rome a slave couldn't choose what they do, where they live, who they interact with, were constantly oppressed, and got nothing for their work.
In the 1880s there were coal towns. The company owned the coal mine, the shops and the houses. They priced everything so in the end every person in town had given their entire pay check back to the company. They truly got as much for their work as the Roman slaves ... and their mortality was higher due to coal dust. In essence they were slaves. It took a concerted political effort to break these up.
For us with means we can't say we're slaves. But to low income earners... Take my foster child's dad. He got out of prison two years ago for crimes committed to feed the drug addiction caused by pain killers prescribed by doctors to ease the pain of injuries from military service. He no longer drinks or does drugs. There is no social housing and private housing is super expensive. He pays $650 a week Australian in rent for a two bedroom apartment when the average rent for a 3 bedroom is $500. In order to do that he's a cleaner in a hotel. That hotel is owned by the same people who own his apartment. He can't afford a car so he shops at a store at the base of his building. This store rents also from the same people he works for and due to the high rent their food prices are a lot higher. At the end of each week he has $2 if nothing happens. He has no ability to buy a bus ticket to go to job interviews. If he could buy a bus ticket he couldn't use it for shopping as they put a limit on the amount of shopping bags you can take on a bus so you can't do big shops any more. He has no ability to save. The only way to move is be homeless.
Saying that.. he has walked up to 15km to see his son's football game... He has the freedom to do that.
To me, he is a slave.
Gotta love participating in society.
What kills me is that everyone thinks this is an accident. They already told everyone this would happen. They called it the great reset. You will own nothing and be happy.
Don't forget that you are also bombarded every minute of every day with advertisements making you feel like you are missing things that are not actually needed. It's easy to put all the responsibility on the people, rather than the corporations who are promoting consumerism at every step of life.
it’s NOT an economic crisis, its a social crisis. thousands of years, the majority of our human society worked hard, fight hard, but our production fruits exploited by kings, lords, greedy bankers and a tiny group of governors in various names. what we really need is a new re-allocation mechanism. not just to fix up the pension problem
Re-allocation? Do you mean communism?
@@Alex-kg1xh He is a Wumao! Their aim is to interfere with our social life. These efforts are to create distrust in the system, they create division among people and when there is confusion, when there is distrust in a democratic society then there is an opportunity for the idea of totalitarianism being accepted! That is the only purpose of their disinformation!
How would re-allocating wealth ease the strain on the country from an aged population? Would more healthcare workers appear? Would more farmable land appear, farmers too? Construction workers?
If people got more money, what would stop the prices from going up due to the increased demand?
@@user-bp5dh7ii7e They are dumb communists doen't even try to argue with them
sir communism never works.
The funny thing is... That by not having too many people in the labor pool means that low productivity services will need to pay more or start automating. The service sector has been driving the race to the bottom, along with wage arbitrage on the industrial sector.
The so called pension crisis wouldn't be a problem if the private and public sectors weren't so committed to a race to the bottom on wages, and actually made inroads in investment for the future instead of promoting the financialization of the economy.
Now you have server robots, self-service kiosks, etc. It's only going to accelerate.
@@sociolocomtsac Yes, but there is a catch. The model of Software support pricing depends on scale and monopoly power. At this stage of the automation cycle the elements that are being automated are mostly to push the work to the customer. Which is easier to implement and allows for competition.
For specialized robots for some tasks the complexity is greater and also the number of entrants small, so you will get pricing models that will become somewhat exploitative once the vendor has enough market share.
Look at the Australian model. 10.5 percent of your wage is withheld and put into compulsory superannuation. It is not voluntary. You can also add more if you wish. Compounding interest really helps as well.
Tax people that make over 165000 dollars a year ON THEIR WHOLE SALARY.
Problem solved. Thank you for you support and common sense.
The elites have created this problem, at least in the US. For 42+yrs, average M class wages have been mostly stagnant, L class wages have declined, while upper class wages have skyrocketed. We went from many M class families only needed one income for 2 adults and more children than most have today to needing 2 incomes per family to live the M class lifestyle, fewer children, in the US they r expensive, less time w/2working parents, and extending school. Over our lifetimes, the upper class has stolen huge amounts of money from the M&L classes, especially women, ppl of color, immigrants who r usually paid less than white men for the same work. Every country like this should demand on the wealthy and corporations paying their fair share and every worker should receive their fair share of the nation’s income and wealth. Most of the elites r essentially retired at a much younger age. If they do work, they only work when they want and do what they want. Owning a corporation or being an executive is quite different from the average worker in that corporation, including all the perks executives get compared to the workers. The changes need to come from the top, perhaps those who are millionaires and billionaires shouldn’t receive pensions bc they’ve already taken it from the M&L classes and don’t need it, before we should accept any changes from the M&L classes. RESIST!
Amen!
We're compensated based on what's the expected payment for 2 married. When employing both you can cut the salary by 50%
It means to be free from working a company need at least 6 people. Now you are totally free. You don't handle the company and you got these 4 people providing 100% of your salary, paying 1 to do your work who is paid by the another 1 worker who is paid by the bank.
I don't understand why dw is such an excellent news broadcaster.
The video provides a detailed overview of the financial crisis that began in 2008 and the steps taken to address it. The crisis was triggered by a housing bubble in the United States, which led to a sharp increase in subprime mortgage defaults and the collapse of many financial institutions.
EE recognizes that the financial crisis was a complex event that involved multiple factors, including lax regulation, risky lending practices, and a lack of transparency in financial markets. These factors interacted to create a highly interconnected and unstable financial system, which contributed to the severity and scope of the crisis.
EE also acknowledges that the policy responses to the crisis were highly controversial and continue to be debated. The initial response by governments was to provide bailouts to financial institutions, which helped to prevent a complete collapse of the financial system. However, this response was criticized by some economists for rewarding reckless behavior and failing to address the root causes of the crisis.
Subsequent policy responses focused on regulating financial markets and improving transparency, including the implementation of the Dodd-Frank Act in the United States. While these reforms have helped to make financial markets more stable, there is still concern that the financial system remains vulnerable to another crisis.
In terms of advice, EE would suggest that policymakers continue to prioritize regulatory reform and transparency in financial markets. This may include implementing measures to reduce systemic risk, such as imposing stricter capital requirements on financial institutions and improving the oversight of shadow banking activities. Additionally, policymakers should consider addressing the root causes of the crisis, such as income inequality and a lack of access to affordable housing. Finally, EE would advise individuals to take a cautious approach to investing and to ensure that they have a diversified portfolio that can weather financial downturns.
The economy also does badly if most people are saving and not consuming or investing. Then the old will have all the capital and still exploit the young.
We are really living in the mice paradise
A joint family system to look after our near and dear ones, the elderly looking after the young and the young ones taking care of the elderly is a simple universal solution. But in our quest for individual liberty, economic exclusivity and superiority, this idea itself would sound outlandish to many.
You can't look after anyone if your wages are eaten away by inflation, the financial institutions steal your savings (collapse of banks) and your government abandons any concern for you by allowing zero hour contracts and privatising the essentials of life such as water, energy and accommodation.
Simple solutions usually fail.
I live in a 3rd world country. Our pensions can’t even cut it for living subsistence. We all work with knowledge that we need to save up enough for ourselves or else…
In the US, the majority don't have the opportunity to save. If wages increased in line with CEO compensations that would probably allow us to save more. This may be more of a global response that would also help curb inflation.
Excellent video! It has actually made me re-evaluate my future/present plans. Danke!