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Reading Kimmee's thread about retirement plans made me wonder about the old age pension in various countries. We are encouraged to pay into a superannuation fund, which is similar to the american 401K plan thingie, but that only kicked in about 10-20 years ago for most occupations here. That means that most people of my age (56) don't have enough to retire on. Our old age pension is paid fortnightly but I have no idea how much it is.

I just looked it up, these are Australian figures:
"Old age pension--social security (means-tested unless blind): Up to A$178.65 a week for singles and A$149.05 for each member of a couple.
Wife pension (means-tested): Up to A$149.05 a week. Benefits for dependent children paid through family allowances scheme. (No new grants of wife pension since July 1, 1995.)
Carer payment (means-tested): Up to A$178.65 a week (A$149.05 if caring for a spouse).
Rental assistance (means-tested): Up to A$49.70 per week, according to marital status and level of rent. Special rules apply to people living in retirement villages.
Pharmaceutical allowance: A$2.70 a week per family. Telephone allowance: A$63.20 a year for telephone subscribers.
Remote area supplement: A$8.75 a week (single) or A$15 a week (couple), plus A$3.50 per child.
Concession card: Social security recipients are entitled to the Pensioner Concession Card which makes available a range of reduced costs on certain federal, state and local government services."

That means that we would receive $300 a week when we are both the right age - he will be 65 in September. After September he'll get $149 per week. There are a lot of benefits associated with these pensions - like discounts and special rates. I'm pretty sure we'd manage on this if we had to.

What's it like where you live?
 

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Rhonda here is what we have:

Canada pension which you MUST pay into while you work. It comes to you automatically at 65 but you can take it out as early as 60, with a penalty. Both employer and employee pay into it. There is no set amount because the more you make the more you pay into it, so it depends on how much you've paid into it as to how much you get.

Old age pension is now $471.00 per month and you automatically receive that at age 65.

If you are in the low income bracket, there is a spousal allowance (very small) but I'm not sure the amount.

There are also company pensions which are different for each company.

And there are RRSP's that people can contribute too. You pay no tax on that amount of money until you take it out. It must be all taken out by age 69.
 

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My dh recieves 1224. fromSS and another 2000. from his unioin. We pay out $615. a month in insurance that pays 70% after deductable is paid. It worksdwith a lot of effort because we support dd and her dd. cau:reindeer:
 

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Our SS is so jacked up - my mom receives $1300 a month though she never worked - but because she never truly divorced her first husband who was a multi millionaire ( AND THUS i AM ACTUALLY A BASTARD CHILD :yikes: I 'd almost rather have been found in a ditch than to be a bastard or related to my dad :eek: ) she gets this amount yet I , who have worked since I was thirteen, with my pension, am only woth $548 to my children and thats when I am dead!! Alive I would get $275. and that is if Soc. Sec. is still in place by then. I have been "Young of mind" for too long and just trying to pay things off rather than think about what inflation may end up at - and how much I might need to survive - the price of cat food alone would be unaffordible on social security!! AAAGGGHHH!
 

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Rhonda,
Our US Social Security system was intended to be a supplement to citizens private savings. Unfortunately most citizens haven't saved very much and are depending on SS to be their entire income in retirement. sheesh!!!

Please forgive me while I step up on the bandwagon. I work in the retirement plan industry and it is absolutely amazing at how little people save. According to a study done within the last few years, the average 50 year old American has only $5,000 saved :( sigh Ok, I am stepping down from the bandwagon.

Having said that, DH and I both have been very responsible savers. We expect to pay off our mortgage in 5 years and will be able to save more at that time. We should be fine in retirement.
 
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