My Pop, a bus driver in Buffalo, worked until the mandatory retirement age of 70. He and my Mom lived on Social Security along with his modest pension. One Christmas, Pop couldn't get into the spirit of the season. The next day, he confided that the next year health care premium increases would consume his entire pension check, and then some. I can only imagine how my parents' lives would have been affected if Pop's pension had been cut in retirement.
Americans need to save more for retirement, and more employees need to have access to a workplace retirement savings plan. These were the major themes at a recent AARP-U.S. Chamber of Commerce forum ( watch it here ), where these two organizations - often on opposite sides of policy issues - issued a joint call to action for policies to encourage more savings.
Grappling with deficits and debt, 14 countries -- including Germany, Italy, Spain, Greece and Ireland -- are planning to increase their retirement ages to between 67 and 69 by 2050, according to the Washington Post. In the majority of euro zone countries, the full retirement age is currently 65.
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