Honestly, it’s a little of both. The system is built on a social contract: we all chip in during our working years so the current retirees get paid. When you die, your chips stay in the pot. That’s not cold—it’s communal. It’s the reason the pension exists for everyone.
The fascinating part? While you can’t pass down a wad of pension cash, you can leave behind a more stable system for your kids and grandkids. And if you plan smartly, your partner gets a little extra cushion. Not bad for a program invented in 1908.
Next time you think about pensions, remember: it’s less about “what you leave behind” and more about “what you leave on”—a safety net that catches the next generation, even if your own golden years didn’t get a sequel.
