The United States is not the only nation facing problems with funding its pension program, or what we call Social Security.
According to a MarketWatch article, Germany is considering raising its retirement age. As in the U.S., Germany has been slowly increasing its retirement age. It is currently set to hit 67 by 2031. But a government-appointed pension commission has recommended that Germany gradually raise the retirement age to 70 by 2092 to strengthen its pension system.
Germany is not the first foreign country to consider this type of plan. France, Italy, and China have all weighed proposals or enacted new laws to raise their retirement ages. The article notes that “countries around the world are facing declines in population, leaving fewer people to pay into pension and retirement systems that support retirees.”
Council of Seniors is Here to Help Older Americans
All of us here at the Council of Seniors want to improve the lives of retirees.
From a financial aspect, that means getting Congress to enact The SAVE Benefits Act. The passage of this bill can make up for Social Security cost-of-living adjustments (COLAs) that have let you down in recent years. If it passes, $581 will be returned to eligible seniors.
Sign our petition right now to show you’re on board with our effort.