10 Countries Paying Fortune in Pension

The world is going through tough economic times and some countries are taking extreme measures to reduce debt and bring the budget in order, but most continue to face rising expenditure.

Let's take a look at 10 nations that are paying fortune in pension:

Greece

- Pension Replacement Rate: 95.7 per cent

- Male/Female Retirement Age: 57/57

- Male/Female Life Expectancy: 80.9/ 84.2

- Sovereign Debt as percentage of GDP: 147.8 per cent

- Employment Rate: 58.5 per cent

"Greece's public employees get a pretty sweet deal. They get to enjoy nearly a full salary for life beginning at age 57"

Luxembourg

- Pension Replacement Rate: 87.4 per cent

- Male/Female Retirement Age: 60/60

- Male/Female Life Expectancy: 80.9/84.7

- Sovereign Debt as percentage of GDP: 12.6 per cent

- Employment Rate: 65.3 per cent

"In Luxembourg, once reaching the age of 60, citizens making the median income can begin drawing 87.4 per cent of their income. Meanwhile, for those making only half the median income, they can take home 97.9 per cent of their salary by age 60."

Spain

- Pension Replacement Rate: 81.2 per cent

- Male/Female Retirement Age: 65/65

- Male/Female Life Expectancy: 83/86.1

- Sovereign Debt as percentage of GDP: 51.7 per cent

- Employment Rate: 58.4 per cent

"Despite Spain's significant economic woes, the country manages to pay out a sizable pension to employees. Spain's pension pays 81.2 per cent of the salary for those making the median income, half the median income and one-and-a-half times the median income"

Austria

- Pension Replacement Rate: 76.6 per cent

- Male/Female Retirement Age: 65/60

- Male/Female Life Expectancy: 82.5/85.4

- Sovereign Debt as percentage of GDP: 65.8 per cent

- Employment Rate: 72.2 per cent

"Those making the median income in government can receive more than three-quarters of their salary following retirement."

"That is an especially good deal for women, who are expected to live for more than 25 years after retiring at 60."

Italy

- Pension Replacement Rate: 64.5 per cent

- Male/Female Retirement Age: 59/59

- Male/Female Life Expectancy: 82/86.1

- Sovereign Debt as percentage of GDP: 109 per cent

- Employment Rate: 56.9 per cent

"Italians can receive a cushy pension at quite an early age. At age 59, an employee making the median income - along with those making half and one-and-a-half times the median income - can begin receiving a pension paying out 64.5 per cent of an individual's salary."

Turkey

- Pension Replacement Rate: 64.5 per cent

- Male/Female Retirement Age: 44.9/41.0

- Male/Female Life Expectancy: 75/78.8

- Sovereign Debt as percentage of GDP: 42.9 per cent

- Employment Rate: 46.8 per cent
"The retirement age above isn't a typo - men retire at 44.9 in Turkey and women at 41. Despite the early retirement age, the country still pays out 64.5 per cent of a person's salary for retirement, which on average lasts for more than 30 years for men and nearly 38 years for women."

Slovenia


- Pension Replacement Rate: 62.4 per cent
- Male/Female Retirement Age: 63/61
- Male/Female Life Expectancy: 80.3/84.9
- Sovereign Debt as percentage of GDP: 36 per cent
- Employment Rate: 65.8 per cent"In Slovenia, men can retire at 63 and women at 61. When they retire, Slovenians are paid 62.4 per cent of their salaries. It gets even better after taxes, where the net pension replacement rate is as high as 85.4 per cent for workers making the median income."

Finland


- Pension Replacement Rate: 57.8 per cent
- Male/Female Retirement Age: 65/65
- Male/Female Life Expectancy: 82.4/86.1
- Sovereign Debt as percentage of GDP: 41.7 per cent
- Employment Rate: 68.4 per cent
The retirement age for both men and women in Finland is also 65, but retirees get 57.8 per cent of their income prior to retirement.
"Finland currently pays out 12 per cent of its GDP in public pensions, which is the sixth highest out of the 31 countries for which the OECD has data and well higher than the OECD average of 8.4 per cent."

Portugal

- Pension Replacement Rate: 53.9 per cent
- Male/Female Retirement Age: 65/65
- Male/Female Life Expectancy: 83/85.3
- Sovereign Debt as percentage of GDP: 88 per cent
- Employment Rate: 65.2 per cent
"In Portugal, both men and women retire at 65, an old retirement age compared to the majority of countries on the list. But at retirement, the pension replacement rate is 53.9 per cent for median income workers, and that number rises to 69.2 per cent after taking into account tax benefits"

Czech Republic


- Pension Replacement Rate: 50.2 per cent
- Male/Female Retirement Age: 61/58.7
- Male/Female Life Expectancy: 79/81.8
- Sovereign Debt as percentage of GDP: 36.6 per cent
- Employment Rate: 65.3 per cent
"The Czech Republic manages to pay 61 years old males with a median income more than half his salary prior to retirement. The deal gets even better for women, whose retirement age of 58.7 is the fourth lowest of all of the countries measured by the OECD."

Source: http://www.rediff.com/   

Top Five Summer Destinations

Top Ten Summer Getaways list and we have something for everyone. Whether you’re traveling solo, with the family or a loved one we think you’ll find something that's just perfect for you.

1.) Lake Buena Vista, Florida:
What do you get when you mix the Florida sun, great rides, family entertainment and a mouse? Why Disney World of course. Yes, it can be very busy during the summer months but seeing all those smiling faces just adds to the magic that thrives here. In addition to the great rides and shows you also have an opportunity to create some fantastic memories.

2.) Amsterdam, Netherlands:
Of all the European cities we could have chosen why did Amsterdam make the list? With its 'anything goes' attitude it attracts thousands of visitors every year. It seems whatever your interests might be Amsterdam has the perfect site for you to explore. Plus, it has a ton of amazing events that take place all throughout the summer so anytime is a great time to visit Amsterdam.

3.) Miami, Florida:
South Beach is a great place anytime of year but when that Florida sun shines at its hottest it becomes the place to be seen. You might want to steer clear if you're in the mood for peace and tranquility though as the nightlife here is legendary. Party on the sand, in the clubs or hang out with your friends at a trendy restaurant.

4.) Santorini, Greece:
The Greek Islands are a hotspot for Europeans eager to feel the sand between their toes and North Americans are quickly following suit. History buffs love learning about its incredible past, artists are inspired by the beauty and beach bums get the best tan of their lives. Santorini is an amazing place for romancers as well. Who knows, maybe your summer fling will turn into endless love.

5.) Montreal, Quebec:
Canadian summers are fantastic and each province can provide you with a unique experience. Those interested in shopping, history and dining though will want to make a stop in Montreal. This French loving city is chalked full of charm and amazing sites. So much so that you'll want to spend more than a few days here to ensure you experience all that it has to offer.

Source: Hotelbycity