The American pension system has not changed in the last 80 years. Although various political forces have tried to change it several times, citing various aspects.
Currently, the US social pension system covers approximately 96% of the entire North American population of this country, as well as a number of territories related to it. Of course, the majority are received by “native” Americans. But a share also falls on emigrants who have managed to get at least a few years of work experience.
In America, the overwhelming majority retire no earlier than 65 years old. Both women and men. And the average age there, according to data from the end of 2017, is 78 years. Therefore, many experts call the North American system the most balanced in the world. People have time to enjoy a well-deserved rest, travel the world. But the system is built on three pillars: mandatory deductions from income to state funds, savings in private funds, and part of the funds are in private insurance funds. That is why most American pensioners hardly notice the difference in their income during retirement, with a period of intensive work. And some receive even more in old age than when they worked.
The minimum pension in the USA is 600 dollars. This is with a minimum length of service, in the absence of personal savings in funds. Even a recent migrant who has managed to work for at least a few years already in the status of an official resident of America will receive it. And if a person has never worked at all, but is a citizen of the country, then he will receive 280 dollars. Of course, you can’t survive on this without outside help. Therefore, hundreds of different non-profit organizations work in the States that help such poor pensioners. The maximum pension in the USA is limited, perhaps, only in the state part – no more than 75% of the average salary for working life. But to this are added “reserves” in the NPF and insurance. That is why there are those who only in adulthood will finally feel the full “taste of life”.
The minimum possible length of service to receive a normal pension is 20 years. It is best to have 30 years of service. Because if you continue to work after 20 years of service, then every year another 2.5% is added to the government pension. You can retire with a good pension earlier. But only if you have received an injury or illness directly related to your work. If the connection between deteriorating health and labor is proven, then a social supplement will be added to the state guarantees. For example, such a pension is received by military personnel who were injured during military operations. Among them, there are many fairly “young” people, under 55 years old. If you are healthy, but decide to retire earlier than expected, then the payments will be reduced by more than 20%.