Basically every single European system operate like this — with various quirks and tweaks and nation-specific patchwork/hangover. Iceland and Netherlands (Denmark? Perhaps some more), as far as I know, are the only ones that keep substantial "real" assets in their systems — and by real, I mean stocks and bonds and PE/property nvestments — rather than like SS, a pure redistribution grab.
Tho, Iceland forces me to shove 15.5% or my pre-tax income into them (and heavily tax-advantages me another 6%), so compared to that perhaps your single-digit payroll contributions are acceptable??
Basically every single European system operate like this — with various quirks and tweaks and nation-specific patchwork/hangover. Iceland and Netherlands (Denmark? Perhaps some more), as far as I know, are the only ones that keep substantial "real" assets in their systems — and by real, I mean stocks and bonds and PE/property nvestments — rather than like SS, a pure redistribution grab.
Tho, Iceland forces me to shove 15.5% or my pre-tax income into them (and heavily tax-advantages me another 6%), so compared to that perhaps your single-digit payroll contributions are acceptable??