The minimum pension in America is around $300. The amount is accrued in case a person has never worked anywhere and does not have the right to any fringe benefits. If there is at least a small employment record, the pension size will increase by half. For example, unskilled workers receive from 700 dollars or more upon retirement. If we compare this income with the salaries of the corresponding professions, the pension accounts for 20-35% of the previous income. There are usually no special benefits for retirees in the States. However, there are so-called condominiums for retirees, apartment houses where they can live and pay for housing together. Various social services are also provided for retirees.
Every person needs to have an annuity contract with an insurance company for these reasons. It is crucial to evaluate the products and companies offering them before making any decision. However, the real problem may be whether you are able to answer for obligations for many years, for example, pay premiums. Each person should realize that he is responsible for his own future. This thought can be a good motive for making regular contributions to a life insurance company.
Source: https://www.kiplinger.com/retirement/601671/find-the-income-to-insure-against-retirement-risks
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