Comments by "Louis Giokas" (@louisgiokas2206) on "Chinese Youth in Tears, Must Work 60 Years for Pension Eligibility, Pension System Goes Bankrupt" video.

@thepunpolice7932 In the US, the Social Security retirement age is also 67 for those born after 1960. For those born in 1937 and earlier it was 65 but was gradually moved up. At present, there are no plans to increase it beyond that. Actually, this is for the full benefit. One can retire somewhat earlier, with the earliest being 62 for a reduced benefit, or later, the latest being 70 for an increased benefit. The concept of retiring at 80 is not government policy in China. It is just the statement of a demographer. He is not an actuary. There are considerations of the liquidity of any pension plan and the actuarial tables for life expectancy. Today, in the US (last I checked) the odds of living to 95 for someone reaching 65 are 50%. I don't know what it is in China, but it may be less, considering the poor environmental conditions and the food safety issues. One thing that is odd about the Chinese social insurance system is that it seems to be voluntary. In the US it is not. Everyone pays on any wage income.
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