The future of not making pensions sustainable
Here's a story of a place that just stopped paying pensions they could no longer afford.
Between the workers and city 16% was paid in each year and people were allowed to retire between 50 and 60. Retire at 50 and expect a pension to pay as many years of benefits as the person worked... The numbers simply do not work and this pension was shown to be in trouble years before the breaking point. That level of paying in means people needed to work into their late 60s, maybe even until 70 to have paid for a pension of about 50% of wages. The math isn't that difficult to figure out the numbers were grossly out of line, but it seems to have evaded a lot of people.