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These are the world's best (and worst) pension systems

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These are the world's best (and worst) pension systems

Matthew Burgess

 

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Australia came in third, with a B+ grade. Bloomberg

 

The Netherlands and Denmark have the best pensions systems in the world, according to a global study that shines a light on how nations are preparing ageing populations for retirement.

 

The countries took the top two slots in the Melbourne Mercer Global Pensions Index published on Monday, both earning an A grade for the level of financial security provided in retirement. Australia came in third, with a B+ grade, and the top 10 was rounded out with Finland, Sweden, Norway, Singapore, New Zealand, Canada and Chile all on B.

 

The survey of 37 nations, which covers almost two-thirds of the world's population, uses 40 metrics to assess whether a system leads to improved financial outcomes for retirees, whether it is sustainable and whether it has the trust and confidence of the community.

 

The Netherlands again took the top spot in 2019 with most workers benefiting from defined benefit plans based on lifetime average earnings. The UK and the US both earned a C+ grade, coming in 14th and 16th place respectively. Both could boost their scores by raising the minimum pension for low-income pensioners, according to the report.

 

Japan came in at No. 31 and was ranked with a D - a grade that reveals "major weaknesses and/or omissions that need to be addressed". A key recommendation included raising the state pension age as life expectancy continues to increase in the nation.

 

Thailand was in the bottom slot and should introduce a minimum level of mandatory retirement savings and increase support for the poorest, the report said.

 

Full story: https://www.afr.com/wealth/superannuation/these-are-the-world-s-best-and-worst-pension-systems-20191021-p532ks

 

-- FINANCIAL REVIEW 2019-10-24

 

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13 minutes ago, Damrongsak said:

I just applied for Social Security in the US, as I turned 66.  I could have taken a lesser amount at 62 but didn't.  I'm supposed to get about $2,300 USD per month before tax, which is chump change these days. Glad I have a pretty big piggy bank that I've been stuffing all these years.  Never did have a job that had a retirement plan. 

I’m not sure if 75k baht is chump change . Don’t you also get Medicade that pays for your medical even when living abroad ? 

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58 minutes ago, chrisandsu said:

Yeah the British pension is appalling ! My dad would get literally peanuts to survive on. Where I live I could retire in Thailand comfortably on what the social security have estimated what I will get . 

 

The Netherlands is on number 1. But you only get € 1.158 a month. That doesn't sound like "comfortably retire"...  You really need to save/invest yourself more to have enough to live on.  Or own a house so you do not have to pay rent. 

 

 

Edited by dimitriv
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2 minutes ago, dimitriv said:

 

The Netherlands is on number 1. But you only get € 1.158 a month. That doesn't sound like "comfortably retire"...  You really need to save/invest yourself more to have enough to live on.  Or own a house so you do not have to pay rent. 

 

 

Even when owning a house you will always have to pay property tax (or council tax in the uk) the uk pension is close to half of the Dutch pension and I think you have to be 70 to get it now ! No wonder they want to leave the Eu . The worst pension in the union by quite some distance . 

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1 minute ago, chrisandsu said:

Yep £7,500 pounds . It’s pathetic . 

And that's the top? That's about $800 usd a month. That's crazy!!

I think that's the minimum you can get in the US. Now I know why you guys cry about the exchange rate. I am thinking of putting in my papers for reduced early retirement (Social Security)  at 62, and it will be 1,400 usd per month, and i could not live on that.   

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13 minutes ago, dimitriv said:

 

The Netherlands is on number 1. But you only get € 1.158 a month. That doesn't sound like "comfortably retire"...  You really need to save/invest yourself more to have enough to live on.  Or own a house so you do not have to pay rent. 

 

 

The OP doesn't restrict the ratings to public pensions. Some countries have discouraged private defined benefit pension plans do to lobbying from investment firms and banksters. In Canada my public pensions don't amount to much but my employer DB plan helps make life easy. I wish I could have contributed longer but there is a 35 year cap.

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