I doubt that most will be able to afford to retire before 75. Although technically most pensions can be paid from 55, contribution levels to most pension schemes will give a pitiful amount for anyone retiring as early as 55: If you pay in at the minimum (as most do), that's 8% of your earnings from 20 to 55 = 35 years. If you then live to 90, that's another 35 years with just 8% of your earnings to support you. Yes, a considerable simplification, but it illustrates the point.
i don't agree. it's a useful element of any retirement plan, and we're all paying into the system on the basis of the promised support being provided.
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