AWSJ- 3 14 23- the Party Is Ending for French Retirees

[Luvtoride]

The Party Is Ending for French Retirees
All advanced economies face demographic strains, but France’s stand out; now President Macron wants to raise the legal retirement age to 64

I won't try to put the article link in here as they usually can't be viewed. If you have access to the WSJ, this is an interesting article about the French Pension (social security) system and the financial stress it is under after years of being one of the most generous to retirees in the world.

The proposed changes are causing huge protests in France among unions and younger works. Apparently, at the current rate of pension beneifts, there is only 1 1/2 workers contributing per RETIREE receiving benefits. This will cause huge deficits in the system in coming years, which Macron is trying to prevent.

I don't know if FIRE is a big topic there, but apparently, most French do not have the multiple supplemental sources of assets/ income that US workers have.

 

[tulak]

I’d be hard pressed to say the party is ending.

With excellent health care and retirement at 64, I’d still be partying!

 

[Sunset]

So I'd say that currently (before the change) since the French can retire at 62 with full pension, beng FIRE'd is average over there.

It reminds me of the saying attributed (possibly falsely) to Marie Antoinette when told the peasants don't have bread to eat, and she said "Let them eat cake"..

A total lack of reality appreciation...

 

[StillFiguringItOut]

This from the article shocked me

“France spends around 14.5% of its economic output on pensions, compared with 7.5% in the U.S. and 10.4% in Germany, according to the Organization for Economic Cooperation and Development, a club of rich nations.”