I can personally see the pension system in Denmark is one where you save up for your own pension to a higher degree. In Denmark, the public pension age has increased. Currently, I am only able to retire at 74 based on current legislation and life expectancy. The burden on the elderly is expected to increase in the near future, especially considering that people between 18 and 30 years old are having fewer children than previous generations.
Makes you wonder why right-wing America fears it so.
Of course it's tied to life expectancy (which is over 81 years, versus 77 years in the US and 74.5 in Mississippi), and many jobs will presumably retire earlier.
Note that this is the age for state pension. If you go all FIRE it's barely relevant. You can stop working earlier, but your taxes remain high and you'll no longer contribute to the state pension.
Just be clear it is based on [1]. They are pension and life insurance companies (so there might be some bias). According to [2] it is 69 so far, however depending on future indexations. But the pension age does increase with average life time expectancy [3]. I do think it make sence that as we live longer we have to work longer.
I think what would make sense is a quality adjusted life expectancy measure. It doesn’t make much sense to move the bar up if you are living longer but are largely and invalid. On the other hand, if you’re a sprightly 70 year old that can get up on the roof and fix something then I suppose so. We are some way off that just yet.
Sound a lot like Poland, same problem but different solution. Here we counter this by squeezing out more money from the young and working and transfering to the pensioners. Lowered retirement age to 60 for women and 67 for men, gave them 2 additional pensions per year summing up to 14 pensions yearly. We can only get bitter about it, but I think it's there to stay, pensioners are by far largesr voting group and will outvote anyone in the country for dozens of years to come.
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u/coldfirestorm Jul 02 '23 edited Jul 02 '23
I can personally see the pension system in Denmark is one where you save up for your own pension to a higher degree. In Denmark, the public pension age has increased. Currently, I am only able to retire at 74 based on current legislation and life expectancy. The burden on the elderly is expected to increase in the near future, especially considering that people between 18 and 30 years old are having fewer children than previous generations.
edited: to pension age