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Politicians have in the past offered fat benefits and low retirement ages to voters.
A demographic black hole looms with a low retirement age, a fast-growing population of old people and a declining workforce due to the one-child policy.
Many schemes have low retirement ages, too: firemen can start drawing their pensions from the age of 50, policemen are expected to quit by 55.
Some say that the American Dream is not what it once was: wages are low, retirement is not a parachute glide but a plunge, and those chosen to fix such problems labor at undoing one another's laws.
The ratings agencies have downgraded Slovenia; many civil servants have had their pay cut by 7.5%.Even though Slovenia's demography is terrible, it has until now had generous pensions and a low retirement age.
(1) The plan administrator shall determine whether a participant is in the high, medium or low retirement rate category using the applicable Selection of Retirement Rate Category Table in appendix D, based on the participant's benefit determined under paragraph (b)(1) of this section and the year in which the participant reaches URA.
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France, which has one of the lowest retirement ages in Europe, faces a rising public deficit that is expected to reach 8 percent of gross domestic product this year.
(One page of her "hundred points" that I picked at random included: raising the monthly minimum wage to fifteen hundred euros, which means a little more than two thousand dollars; raising the lowest retirement benefits by five per cent; raising benefits for the handicapped by five per cent; doubling the annual subsidy for schoolchildren; reducing bank charges; and guaranteeing housing for life).
Sarkozy's conservative government points out that 62 is among the lowest retirement ages in the world, the French are living much longer and the pension system is losing money.
Conversely, if your discretionary expenditures are already low, your retirement spending may not follow this decline.
"A portable, universal, low cost retirement plan for the modern mobile workforce," is Rowley's summary, adding, "Because we've built out a modern technology platform it's radically less expensive than a 401k plan, and much easier to use". Icon will be rolling out its retirement product in the second quarter of this year.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com