How’re you doing? Are you going to be OK in retirement? You’ll have a decent amount coming to you from your superannuation? No? You won’t? Well, you’ll probably at least get a part pension, won’t you?
It’s little known these days that in 15th century England the unskilled labourer had between 50% and 65% of his income left after providing for food, clothing and shelter for his family of five. The skilled carpenter was even better off. His discretionary spending or saving was greater again; some 66% to 73% of his wages after paying for necessities.
They were well off. They didn’t have superannuation or pensions. They didn’t need them. We do, because our wages and purchases are taxed. That has had the effect of pumping land prices and bank mortgages skyward.
People in the 15th century didn’t have land prices, bank mortgages and debt because they paid their land rent to the lord of the manor in exchange for access to living on and working the land or providing a service to his lordship.
Now we’re ‘financialised’, we’re often in hock to the banks, but we may look forward to retirement when we’re able to access our pension or what’s left our super so that we may live out our lives. That is, blokes anyway. Women will tend to struggle a bit more.
Retirement has become such a problem these days, hasn’t it?
Wonder why that is?
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