Traditionally, retiring entails leaving the workforce permanently. However, experts found that the very definition of retirement is also changing between generations.
About 41% of Gen Z and 44% of millennials — those who are currently between 27 and 42 years old — are significantly more likely to want to do some form of paid work during retirement.
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This increasing preference for a lifelong income, could perhaps make the act of “retiring” obsolete.
Although younger workers don’t intend to stop working, there is still an effort to beef up their retirement savings.
It’s ok! Don’t ever retire! Just work until you die, preferably not at work, where we’d have to deal with the removal of your corpse.
Do you get the pension if you don’t put into the system? I was self-employed for years, and didn’t pay into the social security system for those years because I really couldn’t afford to since my business was so modest and I was the only employee. So my SS payout will be minuscule, whereas my wife, who has worked for public libraries since leaving university, will get a small but useful if not survivable check every month. So basically if you don’t pay in, you don’t get to have a retirement pension from the government.
I’m lucky because I stand to inherit a sizable amount of money when my mother passes away that I can save for retirement, but most people aren’t that lucky and will have to live on scraps.
Yes it’s paid for via general income tax here in Australia, not something you pay into yourself per se. So, just like our public health system, even if you never worked you still get it.
Which is why the government set up superannuation schemes in the '90s because they realised a pinch point was coming down the line in the 2030’s or so. At that time there would have been too many people on the pension for it to be sustainable.