My U.S, Pension Nightmare
(osage beach, mo.)
Hi fellow Boomers. My name is Sharol, from the U.S. again, wishing you well. I wanted to respond to Kim's opinion of the U.K. pension system.
I too, can relate to being born too late, as a Boomer, that is. It seems that by being born in the year 1957, I will be missing the boat to my pension benefits.
I will have to wait until an older age, just to collect on my Social Security, age 67 or more.
I won't be able to collect on the whole amount of money I'm owed, however, because I'm a former teacher. As a former teacher, I paid into the STRS systems, which is for teachers. I'm being paid a small amount of money from the State of CA, which as we know, is in terrible shape financially, as is the U.S. I will be penalized for this money, and will only, if I'm extremely lucky, will receive one third of the total I'm owed. They seem to discriminate against certain job titles. They gave me no choice to opt in and have Social Security taken out of my checks.
One good thing about the system is, if your married more than ten years, you can be part of your ex's Social Security. I fall into this situation. But, then again, I will only receive one third of what I'm owed because of this offset. It doesn't seem fair for some Government/State workers to receive their full benefits, while others suffer. Unfortunately, I'm in the suffering group.
I find myself somewhat fortunate, however. I know if I don't have much of a chance to collect my pension, I know my kids won't have any chance to collect there's, and that's not fair....It seems that there are way too many of us Boomers out there, and as we know, not enough young people to keep paying into the system. It's only a matter of time before the house of cards collapses.
As for me, and my family, we plan on moving to South America somewhere, and hope our meager income will help us survive. It seems every time I go food shopping these days, the prices of our food increases 20% or more. Inflation is firmly setting in, and it's not going to be too long before hyperinflation attacks my county. Our debt is killing us, and we're the casualties. Unfortunately, it will only get worse.