Pension in the USA: how and on what do Russian emigrants live

In the US, the official retirement age is one of the highest in the world, and the level of life expectancy in the country, according to the latest data, is 76 for years for men and 81 for women for a year.

Фото: Depositphotos

Sergey and Irina, Russian emigrants in retirement, say that in America it is better to prepare for this stage of life in advance.

Sergey: “Celebrated the end of work by buying a car”

Sergei has just retired. He doesn’t want to give his age and doesn’t like to use the word “pensioner.” Now he has every day scheduled minute by minute: tennis, football, meetings with friends, playing in the theater, swimming pool.

Now he feels sorry for his time, the man admits: “What’s interesting is that when I was at work, I didn’t feel so sorry for time, but now I even sleep less – only seven hours.”

Photo: frame video Present

Sergey graduated from Moscow State University, he is a candidate of geological sciences. In America, lives 26 years. Of these, 19 was a software developer. It was during this time that he earned himself a pension.

“So far nothing has changed in the standard of living, but if, as my accountant said, I’m unlucky and live a long time, then something will have to change.”

When asked if he has to save money, the pensioner jokes: “I celebrated the end of my job by buying a new car.”

Sergey tells the story of a friend who did not work full time in America, and then returned to Russia for family reasons.

“He received a pension there and then came here [to the USA]. I tell him: “Are you coming back?!” He answers: “No, I came to apply for a small pension.” And I tell him: “Okay.” And he responded: “And in Russia I receive a large professor’s pension. True, this small pension here is four times larger than that big, professorial one.”

The main sources of Sergey’s retirement income are payments from the state fund and savings made together with the employer. Perhaps that is why he calmly reflects on the future.

Photo: frame video Present

However, many Americans do not have such an account. Therefore, in retirement, they are forced to either move to more modest homes, or continue to work.

Irina: “I can afford to go to the doctor”

Work allows the health of 68-year-old puppet theater teacher Irina Kholodnova.

Photo: frame video Present

According to her, it is difficult to live on a social pension. Therefore, until today, the pensioner continues to work, while receiving a pension and access to Medicare - the state health insurance for people from 65 years and older.

“Before, I couldn’t afford to go to the doctor because I didn’t have insurance. Now I have received this opportunity without thinking that I will need to pay $500-600,” says Irina Kholodnova about the advantages of a pension.

She plans to open her own business - kindergarten and play puppet theater.

Photo: frame video Present

“I never thought that I would open my own kindergarten when I was retired. Here the children will play, sleep, and have lunch. My son will cook for them. And I’m also planning puppet theater classes for them.”

How does the pension system in the US

Most Americans plan retirement savings with the help of financial advisors. This is a whole arithmetic that takes into account the planned retirement age, annual income and experience.

John Turner, the financier of the Pension Policy Center, says that in order to receive social benefits from the state, you must have at least 10 years of work experience in the United States. Both women and men can start receiving these payments in 62 of the year. But in this case, their monthly amount will be 30% less than in the case of reaching full retirement age.

Most retire exactly in 65-67 years. The amount of payment depending on the previous income can be from $ 1400 to 2500. There are those who work up to 70 years, since in this case the amount of monthly payments increases significantly - by 75% more than in the case of retirement in 62 of the year.

The standard of living in retirement depends largely on the program of payments to the savings fund, known as 401 (k). Part of the salary before income tax is paid to this fund both by employees and employers.

“Say, if you decide to save 8% of each salary, employers can put the same amount or less into your account - 2-3%. If you don’t save, your employer won’t either,” says John Turner.

By retirement, Americans are advised to save at least 100 thousand dollars. And start saving money no later than 30 years.

At such a high retirement threshold for retirement - from 65 to 67 years - financial advisors see only advantages. People have more time to save money for old age. In addition, they remain socially active: they communicate with colleagues, make new acquaintances, I'm sure John Turner.

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Formula that helps you calculate your retirement in the USA

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