[oytis]

> When shit hits the fan, you better have been saving. In Europe, the money I make is money I get to really use, because the rest is taken care of for me.

I wonder where this happy country is. In Germany it is already a common knowledge that relying on state for your retirement is a sure recipe for poverty in the old age.

[patates]

> In Germany it is already a common knowledge that relying on state for your retirement is a sure recipe for poverty in the old age.

Is it? I'm living in Germany since so many years and nobody told me this. They send me estimates about the money I'd be getting when retiring regularly, and while it'd mean downsizing, I'd not be poor with the amounts named.

[hankerito]

Assuming you are somewhere in IT and earn above the average, you will be okay-ish. People with lower incomes will benefit less. But if you look at that receipt and consider inflation, the extreme rise in rent in Germany, etc and all of that over maybe 20-30 years from you ending your career. It becomes less. There are adjustments for inflation, but still.

These high pension values are also quite sure to be unsustainable for the government, as the workforce shrinks quite dramatically and people still get older.

Generally, people are advised to put some money for retirement on the side, if they can. If you are in a position to put some money aside probably try to do some research. "Geldanlage für Faule" by Sina Groß is a very down to earth starting place.

[jansan]

It is guaraneed to be less value in 20-30 years, because Germany's pensions are transferred directly from the pension fee deducted from salary of employees. And since in 20-30 years you will have a totally diffeerent ratio of number of employees vs. pensioners, the cake will be smaller and will have to be distributed to more people. No matter how inflation or anything works out in future, pensioners will then have less than pensioners now, who more or less live in paradise.

[Tainnor]

It's wise to be prepared for this scenario for the reasons you mention, but in 20-30 years a lot can obviously change; either a change to the way the pensions are funded (this already started happening to a small extent) or a sudden influx of qualified (!) migrants.

I wouldn't bet on any of it happening, but predicting the future is always hard.

[egeozcan]

Great reply! To be honest, It's easy to forget about the inflation. Well, worst case, one could make more kids and invent their own "take care of your parents" ponzi-scheme, hehe.

Seriously though, in Germany, you always get this sense that everybody seems to know what they are doing until ??it hits the fan and you realize all that time nobody had cared about what's coming.

[dopidopHN]

It’s probably France

[onli]

France would fit.