The Depressing History of Retirement

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#retirement #History #career
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Written By: Sam
Video Created By:
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Editor: Cardan
Media Gatherer: Andrea Rivas
Footage Courtesy of: Getty Images
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Retirement will retire before you do.
At least, according to some doomsday economists. They say impending recessions, a drop in birth rates, and the younger generation’s insistence on never having kids means the West is set to have an aging population that will make Japan’s situation look Neverland.
But with its dependency on a stable economy, you can see why some fear we’ll be working until the day the Grim Reaper hands us a pink slip. Just look at what happened in France when the government delayed the retirement age by just a few years: Civil unrest, riots, and a whole bunch of angry French people. No one wants to see that! Working life during the ancient civilizations was so different because the conditions were so different. A life expectancy of 30-some years meant your short-lived career was likely a) very short-lived b) in back-breaking labour. And that goes double for the slaves!
Your day finished when your boss said it was finished, and the crack of the whip did more to motivate you than office posters of cats hanging from trees. On the flip side, anyone who lived long enough to get wrinkles was respected by society despite not being physically able to contribute to it.
Their wisdom and experience were seen as divine. So when you were in the labour market you were treated like garbage, but as soon as you survived it, you had street cred. Yet, your retirement relied on your own savings and family support. Without that, each day relied on the kindness of strangers.
From that point on the groundwork was set for a new way of thinking about work. But it took a lot of time and radical thinking to get where we are now. It’s time to learn How History Works as we figure out ‘When Was Retirement invented (and When Will it Die?’)
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SOURCES
fortune.com/2023/01/25/us-pop...
apnews.com/article/france-pro...
workethic.coe.uga.edu/hatcp.html
www.ft.com/content/51c06df6-b...
groups.csail.mit.edu/mac/user...
www.metmuseum.org/toah/hd/mon...
www.britannica.com/event/Indu...
www.history.com/topics/europe...
www.britannica.com/money/soci...
www.jstor.org/stable/45307677
www.britannica.com/story/caus...
www.loc.gov/classroom-materia...
www.archives.gov/milestone-do...
www.jstor.org/stable/3132163
politicalscience.yale.edu/peo...

[@HowHistoryWorks]

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[@Growmap]

If they hadn't run the social security system like a Ponzi scheme, and a giant slush fund piggy bank for overspending, we wouldn't have the issues we have now. Then, allowing corporations to illegally convert real pensions into so-called "cash pensions" which are now called 401ks means the younger boomers got cheated out of the pensions they were promised in writing every year. Oh, and while they were "converting", they conveniently decided to pocket about 50% of what should have gone into the 401ks. Most people won't ever be able to retire thanks to Fiat currency based on nothing value going to nothing.

[@austinbar]

I am in my early 60s and retired at 53. Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to. I looked at my life as stages. I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life. In my case I left the country after I retired and live in Latin America. It allowed me to get away from all the negative things happening in America while appreciating my new environment. I have yet to meet anyone who regrets retirement.

[@eloign7147]

Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.

[@joshbarney114]

This is true. I'm in my mid 40's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.

[@rogerwheelers4322]

It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.

[@FabioOdelega876]

I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.

[@joshbarney114]

I definitely share your sentiment about these firms. Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@Beatricegove733]

Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.

[@NicholasHarmon-ow3jl]

True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.

[@KaurKhangura]

Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.

[@brucemichelle5689.]

This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?

[@KaurKhangura]

‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

[@brucemichelle5689.]

Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.

[@leondonald]

For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.

[@donna_martins]

Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.

[@Walter_hill_]

Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.

[@DavidRiggs-dc7jk]

Mind if I ask you to recommend this particular advisor you using their service?

[@DavidRiggs-dc7jk]

Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance

[@hainleysimpson1507]

Now imagine being in this generation. And never having it as simple as you did for even establishing a portfolio. And never being able to get it for the average person.

[@Riggsnic_co]

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

[@Ashley186fre2]

Consider buying stocks when the economy is not doing well, like during a recession. It could be a chance to buy them at a lower price and sell later when prices go up. Just keep in mind, this isn't financial advice, but sometimes it's better than keeping a lot of cash.

[@Jamessmith-12]

Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.

[@JacquelinePerrira]

Mind if I ask you to recommend this particular coach you using their service?

[@JacquelinePerrira]

She appears to be well-educated and well-read. I just ran a Google search for her name and came across her website; thank you for sharing.

[@mocheen4837]

Many people at my office do not save for retirement. Most think it is too far away and buy new cars, luxury items and take lavish vacations. Social media puts pressure on them to live a certain lifestyle and they feel that they are entitled to a certain way of living. I do not live this way and save regularly not enjoying life to its fullest. I take frugal vacations and would rather save and pay for my retirement and children’s college. There is a certain amount of security when you have savings.

[@Dantursi1]

Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

[@Rachadrian]

as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management

[@michaelschiemer3]

Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.

[@SteveEstrada-js9nu]

this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future

[@michaelschiemer3]

Amber Dawn Brummit is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@SteveEstrada-js9nu]

Thank you for sharing, I must say, Amber appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive.

[@beng4647]

I'm kind of retired at 40. I don't have any money. But I sleep in front of million dollar beach condos.

[@lifeisshort.9869]

Living the nightmare, my friend.

[@infidelheretic923]

Maybe when you're 65 you can buy a cheap house in the countryside and visit the beach on occasion.

[@IndigoBellyDance]

If I were to b homeless I’d go find a super expensive liberal city And find the best view to set up my tent:)

[@valdivia1234567]

Do you have any interest in working?

[@gregeddy264]

@@valdivia1234567a lot of homeless people have jobs

[@Birdofgreen]

So, life expectancy in the pre-modern age is kinda funny. 35 was the total for all births, not the age people lived to. If you made it to 5 years of age odds were you would live into your 60's even during the BC times. Also, retirement in olden age was all about family. Multi-generational homes were the norm so the olds would typically either manage the household or do light housework while sharing their experience with the younger generations. Working till you died was never common.

[@Occidentally]

Every youtuber makes this error. Sigh.

[@MrZoomah]

Jumped down here as soon as I heard that as well. 'Back breaking labourer.' and then the vision of 'Egyptian slaves.' Nearly everyone outside of Roman slaves and the 1800s worked less hours than we do. Egyptian peasants and slaves worked 1100 a year compared to, in Australia at least, 1900 for a full time job. Despite this they still had a life expectancy into the 60s and 70s. Even hunter gatherers had decent life expediencies. Probably because the had so much leasure time due to only 'working' 15 hours a week. (Modern hunter gatherers don't have a word for work in their own language... Hunting is still something they enjoy doing) Oh.. and the majority of Egyptian slaves were used in temples or the army.

[@olivertvist1799]

They mix up life expectancy with average age people lived to due to high infant and child mortality as well as dying from disease.

[@bkidd942]

Today we purposely dissuade families from the multi-generational single family model in the US because of the feminized political values it fosters. We have institutionalized death care so families can outsource a major social cost center and better maintain economic focus. Sounds harsh, really isn’t in practice. Is effective for the purpose though. In communitarian cultures they can’t get past the middle income hump in economics.

[@GeoMeridium]

@@Occidentally It's not an error. It varies a lot depending on the culture and time period you use as a reference point. Death rates in the modern era are also bogged down by obesity, inactivity, drug addiction, car accidents, and people who don't go to their checkups. Most cancers are curable if caught early on, pre-diabetes is detectable, and so are heart irregularities and high blood pressure. If you removed these factors, life expectancies in the US would rise over 10 years.

[@ChristineMeier963]

When you work on something that only has the capacity to make you 5 dollars, it does not matter how much harder you work - the most you will make is 5 dollars.

[@TomChandler-tc7bc]

People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.

[@ddxl459]

Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.

[@TylerKelley790]

Having an investment advisor is the best way to go about the stock market right now. I was going solo, but it wasn't working. I've been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.

[@Chrisbergstromkibler]

Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things

[@alexjames6747]

I have retired a year ago. I do have some savings. I couldn't afford my condo apartment and my car anymore. My pension covers only maintenance fees , municipal taxes , car maintenance and gas. Not much left. Almost nothing. I sold my apartment and bought a sail boat in Miami. Now I sail all Caribbean and live on the boat. No car , no maintenance fees and no bullshit anymore. Almost 70 % of my food coming from an ocean and I collect coconuts on isolated islands. The rest is canned food and some fruit and vegetables I buy when I enter the marina of different islands or on mainland. That's it. No rent, no tax , no bullshit.

[@krisxaero]

do you shit on the ocean?

[@mocheen4837]

Better than being homeless.

[@ivanleelivingston4902]

OH, I do love sailing and boats.You should keep a diary to make a documentary or sell a book someday. I met a poor couple that lived on a sailboat all over the world.They lived on very little money till they would get pensions as seniors. PROUD OF YOU !!!!

[@maplemayhem1988]

You are slowly bringing back the age of sail, I salute you

[@lucysmith4242]

That sounds awesome Be safe sir

[@daviddelille1443]

A historically short life expectancy doesn't mean adults used to drop dead by 40. It's a single number that also takes into account a high child mortality rate.

[@cummerou1]

Correct, however, life expectancy vs age of retirement has changed massively in our time. Back when my grandma was young, retirement age was around 60-65, but a lot of people died at 60 or 70 years old due to the copious amounts of cigarettes and alcohol they consumed and poor healthcare. Now the retirement age is 67-69, but many people are living into their late eighties and early nineties. Retirement went from "we want to make sure you can survive the last 5-10 years of your life" to "You should get to enjoy the last 20-30 years of your life without working". Add crazy healthcare costs on top of that to take of the elderly, and the system is not sustainable. it's just that the older generation got to enjoy this unsustainable system and the younger generations won't.

[@smalachit1571]

Agreed, and it honestly baffles me how people still make that mistake. It gets used as an argument so damn often and has been corrected so many times.

[@solmariuce5303]

yeah people really need to learn the difference between median and average, if they truly knew then complaints of average salaries would also be viewed with a more objective perspective.

[@somerandomvertebrate9262]

@@smalachit1571 NPC programs, just running on a loop when triggered, are hard to weed out.

[@ATADSP]

If you remove infant mortality from the equation pre-1800s life expectancy was around 55. The more you know.

[@nasis18]

Average life expectancy has gone up but the biggest contributing factor isn't people living longer. It's the decrease in child mortality rate that has caused life expectancy to skyrocket. People still lived into their 60's and 70's back then.

[@josephj6521]

True. Those who survived past the age of about 14 would usually live into their 70s & 80s thousands of years ago. Now that the infant mortality rate has dropped significantly, the average life expectancy looks better, which is a fallacy. We aren’t living living longer and must keep working until we are almost dead. That’s what corporations and governments want us to believe and do.

[@sandponics]

Now growing numbers of people are living to over 100 years of age. Then when they have done everything they want to do, or run out of money they go crazy from boredom. Wait until the robots come and take all of the jobs. I think we will have a revolution and go back to being hunter gatherers.

[@Mr.giorgiovanni]

@@josephj6521 While not 80 it was more around 50 to 60 but still you got to consider the amount of people, systems often don't scale to such a degree while expectations also rise. Multipal factors are at play and scapegoating is something we must avoid.

[@angelr194]

Life expectancy increase has it's place too: the usual plan expected retired people to live 5 or 10 years after 65, now it's 20 to 35 years...

[@nasis18]

@@angelr194 Like I said that isn't the biggest factor in why the average life expectancy has sky rocketed. The main reason it has skyrocketed is because child mortality has gone WAY down. If you have a man who dies at the age of 80 and a child dies the same day at the age of 2. The life expectancy of those two together is 41. See how that works?

[@brendanwiley253]

Social security was always a ponzi sceme, i like the medieval model because its completely self contained and incentivizes you making sure you treat your kids well enough that they actually want you to stick around

[@afrivox]

The luckiest families keep the medieval model while also taking advantage of the new model. In any case the new model, only give you money... the old model gives you company, care, purpose etc in old age.

[@matthewcaldwell8100]

The medieval "model" is just not letting the church take care of the poor if they feel like it and letting everyone else fend for themselves. And people nostalgic for it clearly have no idea how it operated.

[@afrivox]

@matthewcaldwell8100 I think i meant medieval in term of family. On a public level nobody wants to go back to that. There was slavery, feudalism, disease etc. Which is why I said lucky families keep the old model as a family until but still benefit from new model advances, such as tech, medicine, voting, private ownership etc.

[@matthewcaldwell8100]

@@afrivox You're really missing the point here. The absence of a public was the REASON that families had to be that way. There wasn't an alternative. You're just saying that it would be better for families now to adopt the same model because we have so denigrated the idea of commonwealth in every dimension that it practically doesn't exist.

[@josecipriano3048]

Idk what moron came up with that sentence, so that all the other morons could parrot it. A ponzi scheme is designed for the benefit of the top of the pyramid. The social security is designed for the benefit of the whole society. Even the rich and the companies benefit from it.

[@Diogenes76]

One important fact to point out about the creation of Social Security in the US is that it was intended to encourage retirement in order to increase openings in the labor pool. The less people retire, the less jobs available for younger generations.

[@mattrR678]

No, that isn't true. That is why we have age discrimination laws. We don't have youth discrimination laws. Companies don't like older adults. They are slow, sickly, and out of touch.

[@randomjin9392]

It should be simple: if I don't get to retire then all the taxes I've paid to fund the retirement of others should be returned to me. This includes the case where I didn't retire not because that was my choice, but also because the government decided to renege on its commitments. It "should" be like that. But it never "will" be.

[@spacemansquid]

Underrated comment. The govt is never giving that money back, and it’s never going to stop collecting social security money, even if we never get to retire.

[@LG-pt5kt]

​@@spacemansquidcorrect. And if you get elected and suggest that, they will likely send hit squads out on you. No joke.

[@sirsurnamethefirstofhisnam7986]

@@spacemansquidif politicians take from you with force and don’t return anything then you can always take back what you’re owed with force…

[@thelight3112]

​@@spacemansquid You'll get social security, but it will only be worth about 70% of what the boomers are receiving today.

[@bobby5678-ck2tc]

Or you can just do like many of us and go on welfare to not pay taxes and use your trade skills to do under the table work and make about 200-400k a year and launder that money though bitcoin and gold.

[@gregoryferraro7379]

I laugh at all the Europeans rioting when their government makes changes to the pension plan. The US solved that problem a long time ago by no longer giving people the option to retire and making us all feel grateful for it.

[@HPkobold]

What?

[@norompaslasguindas]

I am a valuable employee. They want me to never retire, making retiring later sweeter and sweeter of a deal. Guess what. I am so valued that they count I die on the job after training as many as possible. Fuck their stupid faces.

[@williamwilson6499]

I retired over nine years ago. Still haven’t drawn SS yet.

[@gregoryferraro7379]

@HPkobold pensions were destroyed in favour of 401(k)s, unions were busted, SS and Medicaid are repeatedly threatened with budget cuts and complete destruction. Houses are impossible to afford, and that equity is a nest egg for retirement. Even elder care facilities are being destroyed by private equity firms. Most Americans have no savings for emergencies, let alone for retirement. It all boils down to the majority of Americans under 40 will never be able to retire and will be forced to work until death. And our culture has made it so that we think that's a privilege we should be grateful for.

[@gregoryferraro7379]

@williamwilson6499 that is truly wonderful for you, and I hope that continues, but statistically you are in the minority.

[@jamesbohling4864]

An argument I heard early in my career "If GE couldn't manage a pension, why do they think the guy making bearings can?" Outsourcing the risk to the people who can't balance a checkbook is madness

[@HowHistoryWorks]

Interesting anecdote, I will use that one.

[@kaneworsnop1007]

The thing is the companies can afford to contribute to a pension scheme, but unless forced to most won't as they would rather keep the money.

[@aprildawnsunshine4326]

Given the availability of free education I think the guy making the bearings should have a say in it, and in how the company is run in general. Employee ownership is really the only way capitalism can survive but the elite are so terrified of losing control they've decided to lower the education in the hopes we'll go back to a world where the employees don't know no better and so don't complain. Unfortunately that's never gonna happen, the apple got ate and we can't put it back on the tree.

[@jmagicd9831]

If the average American invested their FICA tax burden in lieu of paying into Social Security, and forfeited their benefit to do so, they would triple their retirement income in the worst of markets, and likely get way more than that. Everyone gets robbed because of fat cat politicians being too risk averse on our behalf.

[@somethinglikethat2176]

As an Australian I find company pension funds extremely weird. Why would I want the company to manage it? (In my cases) they aren't finance companies. They have no special knowledge in the field. Plus you take all the risk if the company goes belly up.

[@gabe_0x]

One of the worst mistakes of my life growing up was trusting the boomers around me.

[@FritzOettinger]

Interesting, the boomers in my life provided guidance to invest in the market overtime to create a nest egg early to the point that I no longer need to contribute to it in order to retire comfortably.

[@stevechance150]

Oh, but investing is so hard to be profitable without someone to guide you. Do you have a financial advisor that you trust?

[@stevechance150]

How do you contact her?

[@PomuLeafEveryday]

I see where this is going you scam artists

[@TESkyrimizer]

well actually it's just the old wealthy big boy oligarchs but maybe your grandpa voted for reagan. dick move. oof.

[@Ultravenom1]

The Roth IRA is an exceptional tool. One easily abused by the crafty rich, but far more useful for the working class than a normal 401K.

[@guytech7310]

Unlikely, Gov't is about the reset the rules on retirement accounts. US gov't is bankrupt & will start using creative ways to keep its doors open. Plus high inflation is just around the corner as the federal gov't, print & prints while foriegn crediters dump US bonds & dollars.

[@aolvaar8792]

If you pay taxes in retirement, If you put into a ROTH, then you missed out on tax savings when you worked.

[@dirtyxbl]

You can enroll in Roth 401ks now so they are essentially the same but with higher contributions limits. But it’s a good idea to keep money in both buckets, traditional and Roth to be flexible with changing tax laws.

[@CaptHiltz]

My Dad, who drove truck over the road for most of his career said retirement age should be 55. That way you actually have time while still healthy to enjoy life. He had to retire at age 62 because of heart problems plus he developed job related carpal tunnel syndrome. A few of his co workers that were the same age as him who worked until 65 or 67 died less than a year after they retired. They were worn out. We could easily raise Social Security deductions couple of percent, remove the cap and even get rid of corporate subsidies (an antiquated set of rules that are unnecessary also known as corporate welfare) and use that money to create an additional supplement for those who don't have a company retirement plan or an inadequate one.

[@sandponics]

I worked for the government and so there is no chance of me becoming worn out. I am an early baby boomer and expect to live to be at least 120.

[@michaelhunsinger8351]

Just because he wanted to retire at 55 doesn't mean it's feasible. Sounds like boomer entitlement to me. The only way people should be retiring is if they take agency and save up for their own retirement. Having people retire at 55 (or 62 for that matter) and living into their 90s means that they spend 35+ years being parasites. That's not sustainable by any means.

[@mocheen4837]

Social Security has its own set of problems. They are paying out more than they are taking in. I bet the ones who contributed for the past 50 years will get what they put into it. The government will figure out a way to screw you over.

[@thecrimsondragon9744]

Retirement age should be higher for women as their average lifespan is significantly longer than men's. The system is too skewed.

[@doujinflip]

Yet at the same time it seems we have a lot more retirees than expected living well into their 80s and 90s, drawing SS checks the whole time. Hence why the recent considerations to raise the retirement age.

[@MrFantasypl]

I think the biggest fear comes from decreasing workforce to support old people. I think you should make video about economy that depends on smaller population and only growth is possible through increased productivity. Anyway everything is theorizing as biggest changes in humanity was caused by technology improvents that we could not predict.

[@jasonhaven7170]

Plenty of immigrants

[@MrFantasypl]

@@jasonhaven7170 This is just a blister to the wound. Not real solution.

[@jasonhaven7170]

@@MrFantasypl There is no other solution. No developed country has reversed birth rates. Even Sweden gives generous welfare, high salaries and free universal children and their birth rate keeps dropping. The fact is, educated women do not want many children.

[@taln0reich]

I actually had a thought about this. No society could get away with letting the old people just die, so people to old to work will, in some form be supported enough to survive. thus meaning some gernaration of demand for the results of labour. With the demographic shift, the supply of labour decreases. What happens when supply decreases faster than demand? Price goes up, i.e. due to loabour shortage labour has to be paid better. Now, due to the amount of compensation that gets redirected to support those to old to work this might not help the labourers much. However, it creates a huge incentive for the develoment of technology based productivity increases. And with Japan and south Koreai.e. quite developed and technologically advanced counmtries, being the first major economies to experience this demographic shift, I actually do believe nthat they will manage to keep going until they figure this out, that they will manage to develop the kind of advanced technological productivity multipliers that will make it possible to have one labourer provide for several retirees.

[@vincentcrowley5196]

What annoys me , though i know its well meaning advice ,.is to save X amount as a rainy day fund to cover yourself for emergencies or unemployment for 6 months . The people like me who are most likely to need this money are those who can't afford to save it. Minimum wage or not much better is just enough to survive on. People who have much higher earnings ask why you don't save . Well whats the point if house prices go up more in a year than a lot of people earn in the same period? Its a treadmill where the gym personal trainer is pushing the speed button up before you can keep up current speed. Might as well enjoy some experiences like a holiday or days out .

[@NathanQuinnP16]

“More layers than an MLM wedding cake” dude that is unhinged

[@Marinealver]

My dad just passed away this month. We have to return his last Social Security Check. The joke among my siblings and cousins is we won't have to worry about that when our time comes.

[@peterfmodel]

It should be pointed out the Aerarium militare was a one time payment and it did replace the prior practice of settling soldiers on land so they could becomes farmers, often colonies in hostile areas. I seem to remember some of the legionaries which fought Boudica at Watling Steet in 61AD were previously retired legionaries.

[@melelconquistador]

Wow you're must be full of wisdom if you remember that.

[@sandponics]

Now farmers are being driven out of business by corporate owned factory farms that are far more efficient at growing food than farmers ever were. The corporations have got you exactly where they want you, so that they can steal all of your money, and then send you back to work. Except that the robots also want the jobs.

[@spidersinmykeyboard6367]

Your conclusion is psychotic. There is no universe where the current trends with retirement and an aging population ends in anything other horrific disaster. If some big changes aren't made soon we will go back to seeing the elderly starve on the street.

[@davidcarp5935]

elderly homeless is already up big time

[@moneyobsessed]

we will finance boomers and GenX pensions with extreme inheritance taxes.

[@irelandishsac13]

They already are homeless.

[@jordanwhite352]

As an American older millennial most frustrating thing about all of this is that we incorporate our taxes directly into this. My job that I work at over 60 years now each part of my paycheck do they take out for retirement same thing with my previous jobs. So literally when I technically am supposed to retire I already have automatically a certain amount of money that came out of my labor in order to mechanically retire. The US government right now with its stupid politicians morso Republicans but definitely on both sides want to get rid of this. The day the government decides to scrap retirement which means that all the money that has been taken out of my paychecks automatically from the government that supposed to go to me is not going to go to me and millions of other anymore is the day where you will see basically riots that will make a BLM look like a one-person march by comparison in every single state in every single major city.

[@tealkerberus748]

Ponzi it may be, but those who cannot work - whether they are too young, too old, sick, disabled, fully occupied in looking after care dependants, or simply unable to find someone willing to employ them - have always been supported by those who were working. Since we have (mostly) agreed that it is better for society that these people have a regulated income that supports their needs, rather than being forced into grovelling dependence on a more privileged but potentially abusive family member, begging in the street, or breaking into the houses of the rich looking for portable valuables to sell, then the most fair system is a nationally funded government pension. Those who are able to save and invest towards their retirement will always do so and enjoy a total retirement income that is more than sufficient for their basic needs. But those whose savings are inadequate or non-existent, whether because they never had enough income to save or because their savings disappeared in some stockmarket crash or corporate bankruptcy, will still have enough income to live in quiet dignity. Everyone should be able to keep a roof over their head, food on the table, and their other needs provided for, without having to resort to begging or theft to pay their bills!

[@mikeclarke1986]

Retirement plans should be funded by *employers* You know, like how government employees get pensions and how companies used to offer pensions? Like that. Just find it by *not artificially inflating the value of your own company via stock buybacks.*

[@jessegarman7899]

As a government employee, I pay into my pension fund. Just like social security. The government does kick into my 403B at 3% I am not ungrateful but it is not the gift that it was under the old system.

[@alwat1]

It’s up to you guys, I do like the fact that you guys are seeing that more things are possible. I am happy!!

[@noahlamoureaux6462]

We can save Social Security by lifting the cap and increasing the payroll tax on the employer, not the employee, from six percent to ten percent.

[@aolvaar8792]

I paid 20% and my employer paid 20% for a defined benefit plan for 20 years. $5K/mo pension and free lifetime family healthcare.

[@CaedenV]

Loving the new channel!

[@alexanderlyon]

Great video and incredibly informative. To the questions near the end, I think shifting responsibility to the employee rather than the government or employer makes sense nowadays. I chose the 401k option where I work over the pension option because I wanted to have the freedom to change jobs and make my own investment decisions. I've also been hearing more about making 401k contributions the default (with the option to opt out) upon employment may be the way of the future. And default yearly 1% increases in the employees' contribution (with the option to opt out) may also be on the way. If that happens, all that remains is selecting the investment and index funds would make a good default choice there. I'd much rather have all of that then trust the government or my employer to pay me when I retire.

[@gregoryganso]

“He’s most enduranced legacy was create the world first welfare state” I don’t know pal, but I think maybe create Germany was a little enduranced, I don’t know 😂

[@SVSky]

The same Germany that committed national suicide twice? The second time saw it broken up into two parts?

[@sandponics]

It was actually Napoleon Bonaparte who created the first pension for his soldiers once they reached the age of 65. Of course he knew that few of them would reach that age, and he made certain of that by marching them to Moscow.

[@BasedKungFu]

I ain't know bro had a channel other than How Money Works. Subscribed.

[@DomnulSarb]

So basically life has always been brutal and the vulnerable have always been slaves and punching bags, relying on the mercy of the merciless. "Every man for himself and God against all"

[@Xairos84]

Pretty much yeah but the reason is twofold: 1) how can the value of another person be measured? I can test you, but I can't realistically 'measure' your contribution to a given system. Everyone wants to be an overseer but not everyone has that capability to do it right. 2) we all can't work effectively all the time. We will all need retirement and rest, but who will pay for it? You value your money just as much as I do, so you won't 'throw it away' for nothing in return. The descendant family is the closest thing that exists where you would willingly give up money for just them existing.

[@KikoValleyMan]

@@Xairos84and you write that while the USA has a monstrous deficit 😂

[@sandponics]

@@Xairos84 In the old days, the measure of a man was equal to the good he did.

[@clydedoris5002]

God is for us

[@ideafood4U]

I've heard that the unfunded liabilities in the US are unsustainable without a HUGE increase in productivity. The number I've heard is a $100 trillion gap long term. It would be good to do a video on these numbers and parse out the scenarios. Maybe AI will save it? Maybe Santa is real! Good to see your channels grow. Well done.

[@steadystackin7250]

Productivity per capita has been increasing exponentially. The issue will come once it starts capping out

[@LG-pt5kt]

​@@steadystackin7250i dunno bout you, man, but I am pretty tapped out for productivity and my paycheck does not match the output.

[@thelight3112]

At some point the gravy train is going to have more passengers than locomotive power. The conductor will have to reduce weight somehow, and it's gonna suck for everyone who isn't riding in the first class car.

[@sandponics]

Possibly we can all go off to Mars with Elon Musk, just to have something to do.

[@tealkerberus748]

The US has a concerningly large number of billionaires. When the business owner is a billionaire but the employees whose work actually generated those billions are paid so little they need food banks to feed their children, you know you've got a problem. Tax the rich. Or eat them. Their choice.

[@jerryrichardson2799]

No, I think people will still retire, our ideas about retirement will change. I may well keep working into my 70s, but I will take a month or two off to travel for a few years while I still can. I'm in my early 60s, when I'm not working I'm visiting (sometimes helping) my parents who are in their 80s.

[@afrivox]

Guys in their 60s will be just fine. Younger folks will find it hard to live of of SS money alone. It is happening already, unless you have a paid off house, you cannot survive on ss alone... even then. So many boomers are retiring in a third world country. Now that erosion of ss value will continue and unfortunately younger folks aren't saving as much as boomers did, aren't buying houses as boomers did and aren't forming families, so their retirement will be a lot harder than it is. However it I wouldn't loss sleep over it. We will learn to adjust. Like you mentioned traveling...that's a new concept, most cultures can't afford to travel for the sake of traveling and they are ok...well until they get hooked to social media and get envious ..fomo😂

[@Dweeble233]

House is paid off, cars are paid for. Working towards a 7 figure investment portfolio. I plan to retire in two years.

[@josecipriano3048]

Do you have any other information that nobody cares about? Like what's the temperature today in Beijing or something.

[@Dweeble233]

@@josecipriano3048 Don't hate. If not already done, put yourself in position to replicate.

[@Silver77cyn]

@@Dweeble233 Easier said than done.

[@Dweeble233]

@@Silver77cyn i understand that. Indeed the advice i would give is to start early. Pay the home off asap, and keep expenses down. The 1st 100k is the hardest but from there it picks up quickly.

[@johnsmith1953x]

*Its gets much, MUCH WORSE!!* If you can't take care of yourself or have nobody to help you, an assistant living complex costs a MINIMUM of $20,000 to $30,000 per MONTH!! That's for the low end! It can go up to $70,000/MONTH!!

[@lordlynkz]

First If I'm first that means I can retire ...right?!

[@broken_casper]

Nah if the dollar goes worthless you’ll be a slave to uncle sam the national debt 💀 keeps increasing and that’s no joke

[@HowHistoryWorks]

right...

[@greywolf7422]

Nien. Nien! NEIN!!! 😖

[@kaneworsnop1007]

No one could have predicted the rapid decline in birth rates in wealthy countries which is the main problem for state pensions.

[@jasonhaven7170]

@@kaneworsnop1007 Plenty of immigrants

[@chadjones1266]

Thanks Again

[@AirmanKolberg]

Human lift expectancy was never below the 70s. When you hear “30-40”, they’re including everyone who died before the age of 4. In the modern era, we abort most of these pregnancies, since the baby will die anyway. No matter where you are in human history: as long as you live past the age of 4, you will most likely make it into your 70s.

[@Xairos84]

Things are cycling back to retirement being a burden from your family.

[@hackprefect]

Education is all well and good, but knowledge without the means to execute it is only so useful.

[@romanstoianov9927]

Well, I still paying taxes for "retirement".

[@davidcarp5935]

Peru did away with property taxes and other tax BS after retirement

[@generybarczyk6993]

This is a long view of history with short-sighted vision. The conclusions suggested in the future of retirement, characterized throughout as the "welfare state" suggest that our individual chances are best if we lose the burden of a nation's concerted effort. Or, in more common form, _Divided we stand, united we fail._ This is an absurd hypothesis that founders in the face of literal millennia of progressive concert actions. It is the call of "every man for himself" that is the refuge of those who ask, "Am I my brother's keeper." The answer is in the Preamble to the Constitution: "in order to ... promote the general welfare ...." The doomsayers have been anticipating the demise of Social Security for nearly a hundred years, telling each generation that it will fail them. This is the message of Wall Street, not Main Street.

[@ThePlanBPill]

Booo, raise the income cap on social security contribution above 125k. Social security isn't failing because of demographic shifts, its strained because its not being adjusted to the economics of the age. Rich people think they'll never have to rely on social security, so they vociferously oppose paying anymore. Not realizing society will be worse for them as well if old people are living on their streets.

[@josecipriano3048]

When people are desperate enough to go looking into these rich peoples' houses for valuables to sell, maybe they'll think twice.

[@peterfmodel]

I feel the modern German welfare system may be optimal, although I have to admit its incredibly complex. Bismarks original system still exists, but the state is now a 3rd contributor to the social security system, along with the employee and business. This mainly kicks in if someone has not worked much in their life, such as if they are disabled. The effect of this is the bulk of someone’s retirement income comes from their work related input and the current generation only pays for those who were unable to work. It minimise the impact on current workers and as all social security payments go into a social security insurance fund, it can’t be stolen by the government. But whatever system ends up be considered the best, you can’t fund the retirement of people from the income of those who have not yet retired, it’s a recipe for disaster as life expectancy increases.

[@TagGeorge]

Remove the SS cap!

[@QvsTheWorld]

My biggest gripe with the current retirement system were individuals are expected to invest money to retire is that it's ultimately an individual solution to a systemic problem. This approach therefore come with 2 huge problem. 1. You don't know when you are gonna die. This leads to having too much or not enough savings. When dealing with group you can rely on statistic whereas individual need to make sure their money last well beyond the average life expectancy. 2. It's unrealistic that all the population is expected to be financially literate enough to properly handle their investment. This leads to situations where people get taken advantage of by banks and financial planners that pushes for subpar or inadequate retirement products. I'm also not found of the current system where the working force is subsidizing the retirees. I would rather see a the gov investing a part of the taxes into a "fund" that will be split by generations. So the money you get from the government when you retire is coming from the taxes paid by your generation during your working year.

[@jessegarman7899]

So you want guarantees? Good Luck

[@QvsTheWorld]

@@jessegarman7899 And you don't? As a software engineer, if I told my boss that normal use of the program can catastrophically crash and brick a client computer, it'd be out of a job (rightfully so).

[@matthamende6359]

I've always felt like it's opposite land, because I'm one of the only people that thinks it's insane to ask all these non finance professionals to put on hats and pretend that they are, so all the plumbers have to talk about "diversifying assets" and waitresses need to be researching S&P 500 returns. Why can't we just work a job and be valued for doing that job and their be some kind of systemic solution, some public safety net that isn't just the promise of squalor if we don't go all wolf of wall street when our bodies start to slow down.

[@josecipriano3048]

​@@QvsTheWorldpeople getting scammed by banks and other financial institutions is precisely the whole point of the scheme.

[@flarejhonson6361]

Economic retirement (retirement plans) started out with good intentions, but it was co-opted into a scheme to extract as much money from the average person as possible. In the beginning: retirement plans were crafted with people at heart. Eventually: people corrupted the notion and involved third parties and those third parties used it as a vehicle to generate wealth using other people’s money. That is a contributing factor to why many markets are either hyperinflated or crashing today. I know most people don’t want to say the market is hyperinflated, but it is. We are nowhere close to 1920s Germany, but we are still hyperinflated. We have not gone through the sky spiral (it has been a relatively slow rise and a whole bunch of misdirection to make people not aware of the situation) but we are hyperinflated. What is worse is that most people are observing no growth (stagnation) or, even worse, declines in wages and they keep the jobs because there is nothing else and they need to take care of their relatives or (the rare case) children. Just a few years ago I used to converse with a lady who had three jobs (on the same day: 1 full-time and 2 part-time jobs) just to pay for rent, gas and for helping raise her grandkids. She was over 60 and woke up at 2 am to be in her full-time job by 4 am to prepare food, clean up shop by 2 pm and go to her other two jobs, end her workday by 10 pm. Come home to sleep and wake up by 2 am every day (except weekends). Her kids also worked. I know this is about retirement, but: she’s over 60 and working 3 jobs, renting and barely surviving paycheck to paycheck. Forget retirement, what about quality of life at that point? Either way: we need to figure out how to make the prices of everything go down. That is the real solution. We need to invest already acquired past profits so we can have an economically viable future where we’re not keeling each other over a loaf of bread. It can be done, but it will require everyone’s participation (and most people who talk down on poor people tend to be either lazy themselves or operationally inert: unable to think or do things other than what made them successful in the first place… they DUM-AF, most of us are, but it is curable). Anyways, people: I wish you all the best. Many blessings.

[@Endymion766]

I saved and invested and got my 401k together and my retirement plan says if I increase my contributions to 60% of my income, I can retire by the age of 93. At my current contribution rate, I will retire at 147. Well, who knows, maybe there will be a pill that reverses aging in the next few years and I can actually make that.

[@sandponics]

Buy land, build a house, grow your own food, and make/repair whatever you need. Problem solved

[@bellmattwebb]

I was on track to be able to retire around 55. But my job was outsourced to contract workers. Might be working a little bit longer. Since my job was a real unicorn of a gig, I'd be luck to may 2/3 of what i made before.

[@JiveCinema]

I hear you veteran. I figure I'll go straight to 62 in an attempt to get that SS. (Before it's too late).

[@ak5659]

Same happened to me. My job got outsourced to freelancers. I was doing freelance on the side anyway...... So I showed up at my old job as my own outsource replacement😅😅😅.

[@indee105]

Retirement is more of a frame of mind

[@DashAU]

I've been self-employed for a long time and recently started really contributing to the stock market, im hoping the compounding really works, and with a paid off house, I should be comfortable. The pension in australia is terrible and everything is unaffordable as it is.

[@sandponics]

Stay out of debt, and grow your own food. The biggest financial crash in history is coming, probably in the next year or two.

[@Melbn-di6mi]

I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life

[@AIIG-zd5dx]

As a beginner, it's essential for you to have a mentor that is verified by finra and SEC to keep you accountable. I'm guided by a widely known financial consultant Stacey Macken

[@dorathystephanie7702]

Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 12 grand weekly and this has improved my financial life

[@Kristenshwan]

YES! that's exactly her name (Stacey Macken) I watched her interview on CNN News and so many people recommended her trading skills, she's an expert and I'm just starting with her....From Brisbane Australia

[@domenez]

This Woman has really change the life of many people from different countries and am a testimony of her trading platform .

[@KamranKhalil-br6dk]

Wow. I'm a bit perplexed seeing her been mentioned here also Didn't know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super

[@mockingmoniker7443]

You're such a savvy KZbinr, "Make an argument in the comment section down below." Fucking brilliant.

[@MS-nj9le]

There were no jobs when I graduated high school in 1985. So I basically lived the next 50 years like I was retired. In those 50 years, I probably was employed and made minimum wage for a total... total... of 4 years. You learn how to live without income like a dandelion between the sidewalk cracks, in comfort and style.

[@williamfrancis5367]

10:00 Germany would have a series of near-revolutions in 1918-1922 though. In any case, Bismarck was more interested in crowding out grass roots initatives by German workers, atomising them and binding them to the Prussian state. This was why when Britain tried to implement a state pension in 1908 many trade unions were skeptical of it. It didn't help matters that one of the biggest proponents of it was a former Tory MP who was then obessessed with all things German.

[@MarsMellow84]

I look at my young niece and want to warn her about her future or lack thereof. If my generation is screwed, what does that say about hers? Im so glad i didnt have kids. Smartest thing i ever did.

[@sandponics]

Until you get old.

[@MarsMellow84]

​@@sandponics what does that mean? Are u saying I should have had kids that I never wanted just to take care of me? Wow! Super selfish of you. I have no plans to take care of my parents when they get old. They don't want to burden me.

[@ParadiseLordRyu]

@@sandponicsthere’s no guarantee that they’ll take care of you when you get old or even if you still get to see them.

[@charlethemagne5466]

@@sandponics outdated mentality. the future is now old man.

[@joefer5360]

@@MarsMellow84 When you look down at your future communication device and have no children with families to call, so you can share a pot roast and mashed potatoes. You'll cry and damn your younger self for not having children. You are a young impressionable fool.

[@bradleygregorio7511]

Re-die-erment is all i have look forward to. Thankfully the men in my family go early so enjoy laboring in your 60s nerds.

[@LouisAloi]

Appears we're heading back to the drawing board. Row well and live😱

[@Erowens98]

Nobody in my age group (20-30) believes in government retirement. We all pretty much universally agree the only way any of use are going to get to retire is by saving up and investing in the financial markets. At least, thats the case here in Finland. Where we will soon be facing the worst demographics crisis on earth.

[@pastorjerrykliner3162]

It's interesting. "Retirement" was not originally viewed as a "reward" or luxury, but rather to guarantee that there was a steady movement of "upward mobility" and jobs. Without "retirement," there would be a stagnation of talent at the upper tiers of the organizational structure, thereby frustrating the laborers below. So retirement was created to ensure that there were positions for people to migrate "up to" and thereby incentivize work. What we're seeing with the "Boomers" who are refusing to retire now is recreating that stagnation, especially in the "C-Suite." The "Boomers," in their typically style, are just refusing to "step aside" in key leadership positions. Meanwhile, as we all know, "Retirement" is supported by the generations that follow, so yeah...the declining birth rate ensures that, by the time I get there, "Retirement" will not exist. There just is not anywhere near enough people in "Generation Y," "Generation Next," and "Generation Z" to support retirement for "Generation X." FWIW, it's not "fringe radicals" who see retirement going away... My own financial planner told me as much.

[@jmagicd9831]

I remember seeing a statistic that FICA taxes will average $600K per working career, and carry a social security benefit of just over $3K a month. If we were allowed to invest that money it would conservatively (5% average return)reach $2M in assets, which generates a retirement income of $80000 a year. Social Security looks even worse when you consider most people should get a better return (closer to 8%) in their working years and that FICA taxes the employer too depressing wages (cost of employment passed onto the worker). If you swap the conservative assumptions I made for more accurate ones to the historical market, I could see that average worker getting to $3M which would give a comfortable retirement in the worst of times, and a life of abundance if the market does well in their golden years. Scrap the ponzi scheme Social Security and let young workers invest while they still have time.

[@metsfanal]

And if the great depression happens again anywhere from age 30 to 65? The stock market was crushed for decades. Also what would happen to all the people in their 60s about to retire? You remove the ponzi scheme nature of the system and they're left with nothing.

[@jmagicd9831]

That is what dollar cost averaging is for. If a crash happens in your 30s, you would still be buying at the lower cost basis until the market recovers and things would turn out fine. The only time at which a bad year is truly a threat is the first ~5 years of retirement during which time a responsible investor will have at least 40% bonds to avoid the worst of the losses. Even if the market crashed a week into retirement you’d still be fine since I quoted a retirement income based on the 4% rule which was designed to find a withdrawal rate that would survive the worst possible market conditions.

[@jmagicd9831]

@@metsfanal And also, if you like the Ponzi scheme so much, you should find one to invest in for yourself, but you won’t because you know you’ll never see that money again without conning the next generation into buying in, which is why Charles Ponzi and all his successors are in jail. Only by force is the government able to keep it going, and not even then once they run out of new victims due to falling fertility.

[@gentronseven]

@@jmagicd9831 His point is that there are 30 year periods with almost no stock returns, see 1929-1950. You could easily turn 30 in 1920 and have nowhere near enough to retire in 1950. The stock market isn't magic, one of the only reasons it even keeps going up is all workers' money is being put in there and it's easy for the wealthy to rugpull people who can't pull their money out. The politicians will help them rugpull you.

[@sandponics]

What happens if the baby boomers live forever, what will they do when their superannuation runs out?

[@gabrielchuede6688]

people now live longer but we also need to work less to do get the same products. I believe the best option is get rid of retirement but also work 3 days of week and employ everyone. such waste so many people without work

[@afrivox]

Most rural people continue working within their abilities... others in the 3rd world wish they were allowed to work passed retired age,because pensions are too low.

[@jessegarman7899]

Just put in my retirement paperwork. Fingers crossed.

[@GelatinCoffee]

Silly guy, old people don't refire 😃. My uncle is 77 in 2 months, he gets disability, military "takes care of me" (served in Vietnam, was medically discharged after he started coughing up blood. Stage 2 lung cancer), his wife also draws disability, he has a farm, and also does junking on the side because. "I ain't got nothing to do otherwise, and if I didn't I wouldn't be able to pay for all my meds insurance doesn't cover. Being old ain't cheap". My grandmother is 63, arthritis basically everywhere but her arms and neck, she had her hip replaced, needs her knees replaced, and always getting bone spurs on her feet. She gets a check for being a window of a veteran (no idea what it's called), and social security. But she still works on the side cleaning houses, making clothes, baking, and babysitting. Because her insurance stopped covering her insulin since it was an unnecessary kind (I honestly forgot what makes it special, sorry) and that alone is $1,100 for 2 pens which last about 1 month per pen

[@ThizOne]

I you (I assume that you are American) had a decent healthcare system, your grandparents could more likely retire

[@robertcrawford718]

P/E ratios over time. One thing that stands out, when thinking of the move to individually managed retirements, is the change in P/E ratios. Up until the beginning of individually managed retirements, which translates to a lot of money entering the market without any real understanding of how to best invest it, P/E ratios were pretty constant. Then, right about the mid-80s', when this whole trend started, you see P/E ratios rising. This means that people were paying more for a share of the same earnings. Or, in simple terms, getting less at a higher price. That leads to one simple question, cui bono?

[@swampwiz]

I have got to find out where the author got the video at 12:47 of the dandy throwing bonus money to the factory workers. :)

[@neociber24]

That's sponsor was so... Funny I guess for this topic.

[@Alan-lv9rw]

I retired this year at 62. Pension and Social Security combined is $78K per year. I’m in Arkansas (low cost of living). I’m doing ok.

[@HPkobold]

Interesting

[@lan4756]

Well, if you have children (a family), the presumption would be that your family takes care of you when you're unable to work. As long as you took care of them at least.

[@ZombieCSSTutorials]

It's arguable that expansion of social security is a main cause of the youth losing wealth and status.

[@harkinsh]

You should have mentioned that participation in Bismark's plan was contingent on successfully completing military conscription. This established the German State's ability to rapidly mobilize and facilitated four major wars in 100 years. But it also introduced the concept of both the rights and responsibilities of the citizen.

[@johnd4348]

Retirement came about during the industrial revolution when workers became too old to make money for their employer and were useless to them.

[@pgbollwerk]

I’m pretty sure the math for investing in a low cost index fund early in life makes retiring comfortably easy. I wonder if it would be feasible for social security to emulate that in some way.

[@potapotapotapotapotapota]

what the heck is the music at 4:20

[@Apethgrader]

My parents were stupid and didn't teach me anything about retirement. Now I'm in my 50's and it's too late. I'm going to need social security.

[@jared19882]

My parents didn't teach me either but it was on me to learn money, just like everything else. Way to play victim though.

[@joeblowe7545]

​@@jared19882 because it's too easy to be a victim and blame everyone else. No one wants to be responsible.

[@armorbearer9702]

(14:49) There is more financial education available now, but how many people take advantage of it? How Money Works only has a measly million subscribers rounded down.

[@cfbmoo1]

It's funny how every person working needs to be a financial expert now. That's like every person needs to be a computer expert even though they don't know how to replace the coffee cup holder when it doesn't open on the PC. (Dating myself here.)

[@ak5659]

A lot of us could learn enough to manage our own retirement savings if we had the discretionary time to do so. But most of us dont.

[@Jeff-pm5zc]

Would automation of heavily manual jobs (e.g. factory work) and data processing automation increase productivity output to a point where retirement won’t be threatened any longer?

[@Code7Unltd]

Short answer: no. Longer answer: Government will just make more busy work to compensate for the automated jobs.

[@Jeff-pm5zc]

@@Code7Unltd Government is not the source of productivity in the economy. I am talking about companies which government collect taxes from.

[@CarlMcKenzie]

Productivity only helps the economy when the gains are relatively evenly distributed instead of pooling at the top.

[@Dachnik228]

It depends whether outsourcing jobs abroad to developing world is cheaper than automation or not. If not then it might not even be developing until workers from said countries start demanding better wages

[@sandponics]

In the future, kids leaving school will go straight into retirement.

[@yurydmorales]

- 00:00💼 Some economists predict an aging population crisis due to declining birth rates and young generations delaying having children, potentially leading to people working until old age. - 01:05🤔 Attitudes towards retirement have evolved over centuries, from ancient civilizations where retirement relied on personal savings to modern welfare states offering pension plans. - 04:57🛠 The Middle Ages saw a shift in societal structure with the emergence of feudalism, where the elderly were cared for within multi-generational families or through guild systems. - 07:46💡 Otto von Bismarck introduced the world's first state-sponsored pension plan in Germany in the late 19th century, partly as a response to rising socialism, laying the groundwork for modern retirement systems. - 11:34💰 Franklin D Roosevelt's New Deal and the Social Security Act of 1935 in the USA established retirement as a fundamental part of social welfare, democratizing access to retirement benefits. - 14:34🔄 Jacob Hacker's critique suggests that shifting retirement planning responsibilities onto individuals, away from employers and governments, may lead to financial insecurity and inequity in the future.

[@stanrix]

Almost a quarter of my income has been stolen every week for the last 22 years. I had better get some support when im decrepit

[@Asto508]

Now imagine it was 40%+....

[@2x2is22]

There's a guy saying the US gov should give every newborn $1500 in the form of an IRA that they can't touch until they're 70. The power of compounding interest would grow that IRA enough that the individual wouldn't even need social security

[@HowHistoryWorks]

I think I heard a similar proposal from Bill Ackman I am not sure if that's who you are talking about. It's not a terrible idea honestly, but it would be a hard sell politically.

[@Gronmin]

@@HowHistoryWorks It would also likely make lowering interest rates less favorably looked on, so it has it's problems

[@hvaball150]

$1500 @ 6% for 840 months returns a future value of $99k. You go live off $99k after age 70. I guess if you want to be dead at 72, that's a good plan.

[@kubilay9873]

i will never have a job to work? or i will work till i die?

[@matthewcaldwell8100]

I really can't take this fatalism dressed up as natural science any more. Retirement was something that was achieved through activism and political will and it can be again. It's decline wasn't the inevitable result of market forces in a vacuum. It was done on purpose.

[@glg210]

The best part is that even in countries which have a compulsory retirement plan you soon will be almost on your own if you want to retire living a decent life...BUT YOU STILL PAY ALL THE COMPULSORY CONTRIBUTION and get almost nothing in return for retirement

[@stevenweiss2148]

Great history lesson. Unfortunately millions of workers have little savings . Investing in your own retirement is impossible if you are 1 paycheck away from being homeless. Therefore in my opinion the govt is always needed as a safety net.

[@minoozolala]

Average lifespan was NOT 30 years in most parts of the world. There was indeed a high infant mortality rate in many countries but people still lived into their 70s and 80s. Tons of evidence for this.

[@humboldtoregonian9400]

If I'm more educated with money and therefore should be held responsible for my own retirement and insurance, why do I still have to pay the government and other systems for this service?

[@songkok7hitam]

Buying a house was a one big scam. People should know this by now

[@buckjank]

Im 48 i bought a house when i was 20, its paid off. no car payment and liability insurance on the car i have. Total monthly bills are about 800. My pension is $4k. Follow my steps 1 buy a house asap 2 join a union 3 have kids young 4 most important don't fall into the new car trap.

[@summertime69]

Ive always felt it was the responsibility of an employer to provide pension. If an employee shows you loyalty by working there 10, 20, 30 years or more, you reciprocate. SS has done a lot to prevent mass poverty, and we cpuld as a society see it funded in perpetuity just by raising the $125,000 income cap.

[@flashsentry1791]

We will see. I think one day everyone will have money in 401k. Then the economy will tank, and everyone will freak out and demand Is social security back. I mean , has everyone forgotten that the reason why the great depression happened is because the stock market crashed in the first place?

[@mackijs1]

If you place all of the responsibility on individuals, i think this will create a volatile situation. Let's face it, the majority of people will not plan effectively for retirement in such a situation. Also, fluctuations in the economy, taxes, and mandatory insurance policies, could shut down those that do. This creates alot of desperate people desiring change.

[@hotrodhendrix1]

SS should be based on what it used to be. Removing the extremely old from the job market. If they want to require a retirement fund then it should be more like a 401k. Far far far more valuable than what they have done.

[@aidencleary]

Having a life expectancy of 30 factors in all the early deaths and infant mortality. If you lived to the age of 18 you could easily live into your 60s as you do today. People didn't just have 30-year lives it's just that the average was brought down. Historical fact that bugs me when people get it wrong