China's Young People Are Giving Up on Saving for Retirement | Hacker News Reader

China's Young People Are Giving Up on Saving for Retirement

nytimes.com

12 pointsbookofjoe10 comments

Not sure if that’s strictly a Chinese thing

I am 30, from the Netherlands, and choose to not build up a pension (freelancer). Though, I do save money with the intent of not needing to do work for the primary purpose of earning money (i.e. maintaining a standard of living).

I eschew pensions because they are part of a mindset that in my opinion is a major yet avoidable source of the continuing enshittification of our world.

My gripe with pensions is that they are paid out indefinetely, until the receiver dies. Why not a fixed number of years? Because people would be offended or scared?. "So you're going to let me wither and die?". Given an average life expectancy, the number is still sort of fixed, but again, it's about the mindset.

As a collective, we value human life _too much_. Stripping away any nuance: we try to keep everybody alive as long as possible. Death is natural. Death is dignified. Death is sad, but sad is not bad.

I wish we were able to say this. You've contributed to society while you were able, and we salute you for it. Because most humans are terrible at long term planning, here is that money we incentivised you to save up over the decades. Spend it wisely, for there will be no more. Don't fear the reaper, but embrace him when he comes.

I'm with you, but not so much on the embrace death part, but moreso on that the only mechanism most retirement investment vehicles work on is an incestuous loop whereby said money feeds back into propping up all the usual suspects instead of things best positioned to effect change. Passive investment may be a force that kills us all because we couldn't bother to open our eyes and realize we had all our money chasing counterproductive goals.

That might have been the worst thing I've read on the internet all year. Would you embrace your "dignified" death at 70 when your pension runs out and you have no food, clothes, home or medical help? Or heating? Is this really something you believe or something you typed drunk after a fight with the pensioner next door? Would you also embrace the reaper and think it's a sad, but not bad thing if you lose your ability to work next year, burn through your savings and die on the pavement because nobody cares?

I get the impression your questions are rhetorical (and in part uncivil, besides). If you reply that your questions are genuine I will answer them.

Is there anything more uncivil than the complete disregard for human life?

Works where archive.ph is blocked:

https://web.archive.org/web/20240412223255if_/https://www.ny...

I also gave up in saving for retirement, but in Texas.

For someone to willingly save for retirement, they must believe that:

1. They will retire. This means they will live long enough, not have to work if they have money, and be able to exercise some power over their life at that point.

2. The investments are honest; their money will not be stolen.

I do not believe #2.

It's the first for me. The only way I will ever be able to retire is if I somehow come into a lot of money. As it stands, my retirement looks less like golden years and more like taking matters into my own hands.

https://archive.ph/iWN5p

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