The United States is Not the Only Country Facing Pension System Funding Problems
Our Social Security system functions similarly to government pension programs in other countries. And we are not the only nation facing funding issues.
According to a MarketWatch article, Germany is considering raising its retirement age. To strengthen its pension system, the German government-appointed pension commission has recommended gradually raising the retirement age to 70 by 2092. As in the U.S., Germany has been slowly increasing its retirement age. It is currently set to hit 67 by 2031.
Germany is not the first foreign country to consider this plan to increase the pension fund. 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.”
The Seniors Trust is committed to improving the financial well-being of older Americans by passing the Social Security Expansion Act. It will give retirees an immediate increase of about $200 a month in benefits, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program – all without making them work longer.
