In France the Answer
appears to be Maybe--Yes if you are older, perhaps if you are younger.
Older French workers who want to retire early have a good deal:
The minimum age for a full pension for most of them is just 62 as long as
they’ve contributed to the system for at least 41.5 years. France has a
tax-funded pension and mandatory employer programs. A worker who earned
France’s median wage receives 60.8 per cent of pre-retirement take-home pay. In
October,
France raised the contribution period to receive a full public
pension from 41.5 to 43 years — but only after 2020. By then, most of France’s
baby boomers will have retired.
Many working age people in France (60%) not confident in their
ability to maintain a comfortable retirement (Source “The
Future of Retirement A balancing act” PDF File) They are also
worried, with just over half (58%) concerned about running out of money
during their retirement. A similar proportion (67%) is concerned about having
enough money to live on day-to-day. 41% of retirees say that their current standard
of living is worse than the period immediately prior to their retirement.
In France 48% of workers are not saving enough for retirement
however, there are some compelling reasons why people are not preparing
adequately for a comfortable retirement:
Did not start saving early enough
In France 33% did not
start savings early enough, while globally, almost two in five working age
people (38%) and the same number of retirees (38%) admit they did not start
saving for their retirement early enough. This is a key reason for over half of
working age people in the UAE (55%), Brazil (54%), Indonesia (52%), and India
(52%), and for around half of retirees in the USA (51%) and Australia (48%).
Cannot afford it
Lack of affordability was also the main reason cited by retirees
for inadequate preparation in France (39%). Over a third (35%) of working age
people and a quarter (26%) of retirees around the world say they cannot afford
to prepare adequately for retirement. Around half of working age people in the
UK (52%), France (52%), USA (51%), Australia (45%) and Canada (44%) say that
lack of affordability is why they are not preparing adequately.
Were not aware of how much to save
More than one in five (22%) of working age people and three in ten
(29%) retirees globally say they did not know how much they needed to save for
a comfortable retirement. This rises to 41% of retirees in the USA and 39% in
Singapore.
Paying off a mortgage or other debts
Mortgage repayments are a barrier to preparing for a comfortable
retirement. More than a third(38%) of working age people in France say
that paying off their mortgage is preventing them from adequately preparing for
retirement, with those in Singapore (41%), Malaysia (38%), Australia (35%) and
the UK (30%) being the next most affected. Mortgage repayments were much less
of a barrier to preparing for a comfortable retirement for retirees (9%).
Paying off other debts
Around the world almost a third (32%) of working age people say
they cannot prepare adequately for a comfortable retirement because they are
paying off other debts. This is a particular barrier for pre-retirees in the
USA (51%), Malaysia (49%), Mexico (41%), and Canada (41%). However just 16% of
retirees say debt repayment was a barrier to preparing for a comfortable
retirement.
Another factor which prevent saving for retirement is:
The economic downturn has significantly influenced the ability of
working age people to save for retirement. In France, (38%) say the
economic turndown of 2008-2009 is still affecting them.
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