>Of course, in America you have to fund your own retirement.
Isn't social security a thing? Plus employer funded 401K also?
>As long as the pensions plans remain solvent, "savings" are a lot less important in Europe.
"As long as" is doing a lot of lifting here, and that's enough if you're lucky enough to own your own property and not have to pay market rate rent at your old age.
Social Security alone will, at best, slightly mitigate poverty. 401Ks are generally employee-funded, with some firms providing matching funds, especially during good economic times and where the firm is in a field where the main area of labor relied on relatively scarce so that there is competition for talent.
EDIT: The line about social security is a little inaccurate in the extreme case; its actually technically possible to reach a moderate income ($62k/year) on Social Security, if you have a long enough working career (35 years or more) earning at the maximum taxed wages for Social Security (currently $185k+) and claim at or beyond the age that maximizes the benefit calculation (70 years).
Isn't social security a thing? Plus employer funded 401K also?
>As long as the pensions plans remain solvent, "savings" are a lot less important in Europe.
"As long as" is doing a lot of lifting here, and that's enough if you're lucky enough to own your own property and not have to pay market rate rent at your old age.