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I'm talking about in the USA. It is supposed to work the way you say. But in reality, you aren't paying into an individual account for yourself. You pay into a pool that the government uses as soon as it receives the money for the current recipients of social security.
Really it's a ponzi scheme with declining contributors and an increasing amount of people cashing out.
https://www.youtube.com/watch?v=vwO2hEO13iY
some severe misinformation about that video :
For one it’s 9 years out of date and thus cannot apply to todays demographic of massive influence of Airbnb and gentrification.
For another while it mentions the national debt it fails to mention HOW the national debt (cough military) became that bad. It is mainly an accountant error (president is basically an accountant)
For another it fails to mention the taxations that are actually in place for pensions (I’ll mention below) and it also fails on how to make the connection about how those pensions are ‘wealth transfer’ programs. And speaking of wealth transfer, it got the definition wrong. Wealth transfer isn’t paying into someone’s pension. The definition is actually hereditary in that it goes the opposite way: what the older generation leave to their family upon death or invest for schooling or help out with buying houses for their children .
For another the crux comes up at 3:01 and your entire argument is boomers are struggling to sell stuff…if this were true they could always take a page from essentially the rest of the world: sell your stuff offshore or to companies like Airbnb . In fact it’s one of the major (global) issues right now with finding enough housing because everyone is selling their properties (and there isn’t enough) and it’s all owned by offshore because there is always offshore buyers and there’s always capitalists on the Airbnb market. And I may remind you that a lot of younger generations now fill up the capitalist roles who are more than willing to turn a profit. I find it hard to believe that selling your property is the end all problem here when practically the rest of the world is on fire because of how easy it is to sell property for a hefty chunk of money and many vulnerable are homeless as a result(many of those vulnerable are boomers with financial and medical issues btw). The richer Boomers with property simply do not need a millennial to buy their property to turn profit. They got many buyers offshore waiting with baited breath. But what is an issue you should be paying attention to : capitalists such as airBNB are your problem here raising the prices. That is being run by everyone younger than boomers too who did receive a transfer of wealth. Not just boomers.
For another 6:15 many of these issues that younger generations are facing are put in place by younger than boomers. It’ll reiterate what I said in another post: if a boomer leaves a job and the job description changes/gets sent off shore or etc, this isn’t what boomers are responsible for. This change comes from younger generations changing the job description locking their own fellow generation out so they can make a buck. Just look to Zuckerberg and how much he makes selling private information. He’s a millennial btw. Cuz the richer younger generation are probably even more successful at greed than the boomers. There’s an even more exacerbating differential on class now than before when you have a diversity of generations filling the billionaire roles now. That isn’t on the boomers. That’s on capitalism. Retiring Boomers are no longer the only people at the capitalism table making bad decisions. So they can’t simultaneously exist in a job and also retire to not exist on the job to take all the blame. That’s just unreasonable and unrealistic to point all problems that way. At that point it’s only about shifting responsibility. It has nothing to do with fixing it.
And another: it doesn’t even mention the OAI nor 401k which is currently present in the USA and applicable in the same way as an RRSP and CPP is. It’s pretty clear that their pension comes from a very similar tax structure as to what common wealth countries do. With these pensions the important thing to keep in mind is that a company will not take a prerogative to invest in an entitlement program so it would be in earnest that the employee needs to keep on top of it to contribute their percentage for their private RRSP or 401. an employer may decide to contribute but it isn’t compulsory anywhere. Well almost anywhere….. in Australia the superannuation is compulsory. But in North America it is not.
(Note: If this is taking you by surprise and you have a dumping stomach feeling please rush to an accountant to help you understand what your next step should be regarding your 401 immediately)
that is something perhaps not being taught to you alongside in school about these other topics. When it really should be.