In a world where central banks have repressed savers with over a decade of zero and negative interest rates, crushing the middle class and turning the US into a banana republic whose middle class is now shrinking so fast…
… it is on par with that of Russia, China and Turkey…
… it is perhaps remarkable that workers are still able to leave the workforce and enjoy some years of peaceful retirement instead of working every day until they die.
Of course when it comes to retirement, some countries are more equal than others – especially those where worker entitlements have been historically so generous that removing them would lead to nothing short of a revolution, even if it means a slow-motion fiscal suicide for the state which can no longer afford such generosity.
So for all those asking which countries have the most generous retirement systems, here it the answer. We doubt it will come as a surprise that some of Europe’s most fiscally challenged countries are also those that offer the longest retirement across the entire OECD universe. Incidentally, those pointing out the “sexism” that women tend to live longer and enjoy a longer retirement, we are confident that no feminists will touch that particular “inequality” with a ten-foot pole.
A tangent of the chart above: just because some of Europe’s most socialist nations have the most retirement regimes right now, does not mean they will in the future: as the next chart shows, in an progressively aging world, where there is roughly 45 retirees per 100 workers, this number is set to skyrocket by 2050, when such retirement havens as Italy and Greece will sport more than 100 retirees per 100 workers, a regime that is absolutely unsustainable.
And one bonus chart: yes, places such as Greece may have one of the most generous retirement regimes, but working all those long years to finally hit retirement in the thrice insolvent European nation is hardly a walk in the park: as the next chart shows, there is a great dispersion between those countries that have the most stressful working environment such as Greece, Turkey, Hungary and Spain, and those where work is a joy such as Scandinavia, New Zealand and the UK (although we somehow doubt the latter will remain on this list for long). Perhaps it’s only fair that after working in hell, one should at least be entitled to a few years of peaceful retirement.