nun
Thinks s/he gets paid by the post
- Joined
- Feb 17, 2006
- Messages
- 4,872
The UK is going ahead with it's version of SS reform. The UK state pension age is increasing from 65 to 66 and eventually 67. You'll need 35 years of contributions, rather than the current 30, to get the full state pension and it will also no longer be dependent on earnings, but only on the number of years of contributions you've paid. Consequently high earners will see their state pensions reduced, and the low waged will get an increase.
State pension reform unveils future £144 per week flat payment | Money | guardian.co.uk
The UK has also implemented an "opt out" personal retirement savings scheme. Think of it as an automatic 401k where everyone who earns a wage is automatically enrolled in a DC scheme; both employees and employers must contribute. The employee can opt out, but they must actively do it and an there are big fines if an employer is found to be involved in that decision.
These state mandates and redistribution of wealth have been implemented by a Conservative government in an effort to get everyone a reasonable retirement income. I don't expect this approach to be adopted in the US, but it's an interesting perspective.
State pension reform unveils future £144 per week flat payment | Money | guardian.co.uk
The UK has also implemented an "opt out" personal retirement savings scheme. Think of it as an automatic 401k where everyone who earns a wage is automatically enrolled in a DC scheme; both employees and employers must contribute. The employee can opt out, but they must actively do it and an there are big fines if an employer is found to be involved in that decision.
These state mandates and redistribution of wealth have been implemented by a Conservative government in an effort to get everyone a reasonable retirement income. I don't expect this approach to be adopted in the US, but it's an interesting perspective.
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