Who Can Get a Pension?
Anyone over a certain age in most countries has the right to receive a pension which they have earned through paying National Insurance or some other such scheme. In the United States, anyone over 65 who has lived in the country for at least ten years and is not a prisoner can receive Social Security. This includes SSI (Supplemental Security Income), retirement benefits, and disability coverage.
What Happens If You Don’t Get a Pension?
You would have to rely on money from the state, from your family, or friends if you have enough. You would have to find some other way of managing your money on a day-to-day basis for example by using an ATM card and/or credit cards, etc.
Which Country Has The Best Pensions?
The United States ranks low on the list of ‘happiest’ countries in the world. On a list of 34 countries, it is 10th from the bottom. The country has been criticized for not spending enough on its elderly. In Europe, Spain ranked at number one in 2007 around 35 percent of Spanish households were headed by people over 65 years old, and the country spends more than 13 percent of its GDP on social protection more than in the US. The UK is ranked 15th out of 34 countries.
How the Future Pension is Going to Look Like?
The future of pensions is uncertain. With people living longer, the cost of providing pensions is increasing. At the same time, the number of people working is decreasing as more and more people retire. This means that there is not enough money to go around, and governments and employers may have to find ways to reduce the costs of pensions.
Some people argue that the age at which people receive pensions should be raised. This would not only make it cheaper to pay for pensions, but more importantly, it would encourage older workers to retire gradually instead of ending their careers completely. Others argue that companies should no longer have any obligation to provide pensions for their workers. This would force people to save on their own or to rely on state pensions.
Some people believe that people should be allowed to put the money they would have paid into a pension scheme towards a house, while others think this would lead to an increase in homelessness! In many countries, the housing market has become so expensive that younger generations can no longer afford to buy their own homes.
Companies Might Enter The Pension Market
It is also possible that companies might start to enter the pension market themselves. Instead of automatically receiving a generous pension when they retire, employees may have to pay for this benefit themselves. This would force them to save for their retirement throughout their working lives, instead of relying on employers. Something which many people do not like because it would mean that they have to manage their own money.
However, there is an argument against this. If people had to save for themselves and receive less generous pensions, many of them might not be able to afford the same kind of lifestyle when they retire as they would if the company continued to pay a generous pension scheme. This could lead to them living in poverty.