Other Countries Are Raising Retirement Age – Should We?

The United States Social Security program faces a funding shortfall, and we are not alone. According to an article by The Street, Denmark is raising its official retirement age to 70 to help ensure the long-term sustainability of its pension program. The Danish country ties retirement age to life expectancy, so as people live longer, they’ll have to work longer.

Several other European countries are considering similar plans. The idea has also been floated here in the U.S., where the full retirement age is currently 67, but it lacks serious support.

There are other options to ensure the long-term solvency of our Social Security program. The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program — all without needing to raise the retirement age to 70.