I did mean monthly, but you’re missing a lot here.

I know previous inflation does not infer future inflation But if we use the previous 30 years of inflation to project the future, this money would be worth $882-ish today.

I’m not sure how you live, but that doesn’t cover ground rent on my apartment and food today.

The major point is that private pensions are common, and they are investments made by banks (I think similar to a 401k). I think its mainly Germans who don’t like private pensions.