(November 30, 2021 at 12:12 pm)Mister Agenda Wrote: Pensions have pretty much gone away. I have one accumulating plus a 401K, but I'm grandfathered in, all people starting at my company get these days is a 401K. I'm planning on retireing in the summer of 2024 but I wouldn't be able to without that pension.
Jaysus, I'm so glad I'm not old, in poor health and living in America.
I contributed 10% of my salary for the last ten years of my Civil service employment. That meant I was able to 'take a package' of voluntary redundancy at age 51. This consisted of 48 week's salary plus long service leave entitlements of about 3 months. Plus superannuation. I converted 50% of the super to a fully indexed, mostly tax free pension. 50% rolled over as a lump sum into investments I could not access until age 55..
At 65 I became eligible for a part age pension. That comes with a range of concessions, which includes medicines, and most services including electricity, water etc, land tax, dog registration. Australia has universal health care. I have private health insurance. That means I don't have to go on a long waiting list for non life threatening treatment such as say a knee replacement or having cataracts repaired.
As I become more frail I will qualify for another level of concessions. Safety equipment, help with housework and gardening, even shopping. Our government tries to keep elderly people in their own homes as long as possible; it's cheaper. All aged care facilities receive a federal payment for each bed.
Today I'm 74 and have been living alone for many years. My house and car are freehold and do not use credit. I no longer drink or smoke. I have never gambled nor gone out with dancing girls.
So, I have everything I need and most things I want. I call my lifestyle minimalist and frugal but comfortable. My sis calls it spartan.
