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Living to 120 is becoming an imaginable prospect
(www.economist.com)
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this post was submitted on 01 Oct 2023
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How are we supposed to afford paying pensions that long if people retire before 70?
By properly taxing companies and rich individuals? Besides, those leaving to 120 would most likely be among the richest of us. Do they really need a pension at all?
Sorry, but if one can dream of properly taxing companies and rich individuals, there's plenty of other shit to fix with that money first.
Making living until 120 sustainable is not on the list, or very, very low on it.
That's just not happening.
It should be though, we need to demand change rather than just saying “oh they’ll never do it” and giving up.
That's the neat part, you will now work until you're 85
If political leaders can work into their 80s, you can also.
Their work amounts to sitting in a hearing non-coherent and voting yes when an aide tells you to. Real people on the other hand spend all day actively doing work for pennies.
Universal basic income. Make work optional.
If work is optional then who is paying that income?
I would advise to look up some information yourself. You can either read about the pilots and their results or find a video if you prefer that format.
And these final things to consider:
Should have pulled themselves up by the bootstraps.
By fully funding them. The return from a lifetime annuity bought at 65 is just marginally higher than a reasonable expected safe return from the same investment. (A lifetime annuity pays out on the basis that the provider needs to guarantee an income until you die, so if it returns so much that it eats too much into the capital, it'll be unprofitable for the provider). At the margins, the expected remaining life years of someone at 65 in a developed country is long enough that you can't safely offer that much more without eating away too much at the capital too quickly.