Claiming Social Security earlier means more time receiving benefits, but that action will permanently reduce them, which can threaten financial health at older ages.
The labor force participation rate for older workers continues to decline, suggesting that many older workers displaced by COVID-19 job loss have left the labor market.
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.
Retirement ages must rise globally if everyone's gonna keep living longer and we don't want to bankrupt national pension systems, says a new international report from the Organization for Economic Co-operation and Development, an international organization with 34 member countries. Already, 67 is becoming the new 65, it says.
A new survey conducted by Dutch insurance company AEGON shows retirement pessimism extends far beyond American borders. Participants from eight European countries and the United States showed similarly dismal views on their ability to save and plan for retirement securely. Only 15 percent of workers said they are confident they're on the right track with retirement savings; 71 percent believe future generations will be worse-off in retirement than current retirees.
A new study from MetLife finds that, contrary to predictions, older Americans are retiring. In fact, more than 60 percent of 65-year-olds"”the leading edge of the boomer generation"”are already collecting Social Security.
Retirement age for public sector workers"”government employees, teachers, firefighters, trash collectors"”is becoming a topic of fierce friction nationwide. And the lines between hospitals, insurance companies and doctors are blurring, as the health care law awaits Supreme Court consideration and the 2014 start date of the individual insurance mandate.
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