US pension system gets a bad rating – level 2
02-09-2025 15:00
The US retirement system got a C+ grade in 2024, lower than countries like the Netherlands or Australia.
Experts explain that the US has problems with low participation, voluntary savings, and early withdrawals. Many Americans take their money out before retirement to pay for emergencies or houses, which reduces their savings. Social Security is also in trouble and may not have enough money by 2033.
In other countries, such as the Netherlands, people have to contribute to the retirement system, which helps create strong savings for workers. In the US, it is voluntary, so many people don’t join. Even so, the US has high retirement incomes compared to many countries. Experts believe new rules and reforms could improve the system.
Difficult words: participation (taking part in something), voluntary (something you do because you want to, not because you must), withdrawal (taking money out).
You can watch the original video in the Level 3 section.
For what purposes do many Americans withdraw funds from their retirement accounts before retirement?
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