Retirement

My name‿ is‿ Arthur. I am sixty-two,│ an(d) the arithmetic‿ of my generation's retirement‿ is straightforward‿ and‿ unpleasant:│ life‿ expectancy has risen,│ the dependency ratio has fallen,│ an(d) the pension that was promised‿ in 1980 cannot be paid‿ at the level that was‿ assumed.

In my country,│ the state pension replaces‿ about sixty^six-dy percent‿ of‿ an‿ average salary,│ which‿ is‿ adequate‿ only│ if you own your home. Many people‿ in my generation did not save,│ not through recklessness│ but because the promise seemed reliable,│ an(d) the entitlements they were given have turned‿ out to be deferred‿ in‿ a way nobody explained. My wife retired las(t) year‿ and‿ is busier than‿ ever. I inten(d) to work longer,│ partly because the pension will be higher‿ an(d) partly│ because‿ I want to^wanna keep my health cover.

The question nobody wants to ask‿ is fiscal. My daughter^dau-der,│ who is thirty-five,│ pays‿ into a private plan│ because she does not‿ expec(t) much from the state,│ and‿ I do not blame her. Any hones(t) reform has to^hasta make the entitlemen(t) sustainable without making‿ it‿ inadequate. If people│ who are thirty^thir-dy star(t) now,│ even with‿ a small‿ amount,│ the arithmetic becomes survivable,│ an(d) that‿ is the only advice‿ I am confiden(t) giving.