On 9/27/2015 4:34 AM, Telmo Menezes wrote:
Hi Brent,
This is common practice in Europe, it just might be more or less
blatantly done. My mother had her pension cut several times in the
last few years. Even though she payed full contributions her entire
life, at some point the state decides it needs the money for other
stuff and that's that.
Notice that in (continental) Europe social security contributions are
not an investment. Instead, the current generation of workers is
directly paying for the pensions of the current generation of retired
workers.
That's the same as Social Security in the U.S. I suppose the
difference is that Social Security is only supposed to be a kind of
minimal pension and people are expected to have private pensions or
savings in addition.
Brent
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