me_irl

7611 readers

2771 users here now

All posts need to have the same title: me_irl it is allowed to use an emoji instead of the underscore _

founded 2 years ago

MODERATORS

herrwoland@lemmy.world

641

me_irl (lemmy.radio)

submitted 1 day ago by sanitation@lemmy.radio to c/me_irl@lemmy.world

162 comments fedilink hide all child comments

you are viewing a single comment's thread
view the rest of the comments

[–] DJKJuicy@sh.itjust.works 3 points 17 hours ago* (last edited 17 hours ago)

The pensions in the US for the generation before me were "Defined Benefit" pensions. What that meant typically is that if you worked X number of years you could retire with Y percentage of your salary. Both my grandfather and father retired that way.

Private corporations all switched to 401ks and colluded with all kinds of propagandists to convince the workers that they would be better at investing their own retirement money themselves, ya know, because they were all savvy investors.

Just based on the Google search I just did 15 seconds ago a "private pension" in the UK is the same tax-sheltered retirement savings account that gets funneled to the markets as a 401k is here in The States.

So yup, you got screwed too.