8 Sep 2022 4:44 pm
I tell you what, you give me 15% of your pay for 40 years. I will give every penny of it back to you from the time you turn 67 until you turn 85. No interest on the loan, just what you gave me. Deal?Xavier_Onassis » 08 Sep 2022, 4:37 pm » wrote: ↑ Money paid into the system is paid out to those who are retired or otherwise eligible to be paid by the system. The whole scheme was devised and put into service in Germany by Otto Von Bismarck. I assume that Von Bismark had accountants and actuarials on his staff.
I doubt that one needs to live to 110 years old to get back all they paid in. I do not doubt that someone told you this, and you believed them. My father, who was an accountant and an auditor, retired at age 65 and told me that he got back all the money that he paid in before he turned 69. But that was a long time ago.
Is it any wonder they have to force people to participate. And you don't have to be an actuarial to figure out it's a bad deal.
And if you die before 67 it is mine to keep.
Okay Okay Okay!!!!! You drive a hard bargain. I'll give you 2% interest to make up for 1/2 to 1/3 of the inflation I cause.