Don’t count on your pension!

The key to solving the pension crisis is to understand that if Israel waits a decade to fix the problem when a million or more pensioners become paupers, it will be too late.

By SHLOMO MAITAL
August 22, 2018 12:08
The writer, Shlomo Maital, with his new grandson Carmel Sapir Maital

The writer, Shlomo Maital, with his new grandson Carmel Sapir Maital. (photo credit: Courtesy)

 
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You know that tidy monthly income you were counting on, paid from your own pension savings? World travel you dreamed of? Gifts for your children and grandchildren? A life of serenity, after decades of hard work, supporting yourself and your family?

Well, forget it. The way things are going, chances are your pension will be far less than adequate, let alone generous. And in the worst case, it might not even exist at all. Unless, that is, you happen to be an MK (Member of Knesset).
Those gloomy words apply to Israel and with few exceptions, to most Western nations. People are entering the work force later, living longer, saving less – and earning lower interest on savings than in the past. In the West, as the baby-boom generation reaches retirement, and the baby-bust generation has to fork over big sums to support them, a crisis is emerging.

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