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626069185est
Joined 2011
Posts: 296

How High will the Retirement Age Go

12 years ago

In June, Robert Benmosche, the chairman of the insurance giant American International Group, said an increase in the retirement age was unavoidable. It has to be done now otherwise it will collapse. What surprised many is how high he predicted the age would go.......................................
"Retirement ages will have to move to 70, 80 years old," Benmosche told Bloomberg. "That would make pensions, medical services more affordable. They will keep people working longer and will take that burden off of our youth and give them a chance to see retirement.".........................................Polls indicate that Americans are beginning to accept that these changes are coming very soon. According to a recent Gallup survey, most Americans now believe they will have to retire at 67, up from 66 last year, 63 10 years ago, and 60 in the 1990s.....................................

But the poll also shows that people expect the increase in the retirement age to be small. According to Vernon and Tresidder, this isn't the case: People are going to be forced to work into their 70s very soon...............................How high can it go? Many believe the magic number is 72.
But the question remains: How long will someone have to continue working to achieve a secure retirement? Unfortunately, it's impossible to answer conclusively, because it depends on individual circumstances and needs.

According to Vernon, this change will happen to all workers, not just those in lower-income brackets. Even people with healthy retirement savings likely don't have enough to maintain their lifestyle. This shift is also occurring in other industrialized nations.

"Workers in industrialized nations that have transitioned away from traditional pension plans will be forced to work longer. Examples include the U.K. and Australia," says Vernon. "Other countries with higher Social Security benefits are taking longer to transition, such as France, Spain, Italy, Greece and Sweden................................... Germany has increased the tax burden on the wealthy starting this month. Many military Americans with German wives that are retired and living in Germany have to move this year. They have closed down 5 more bases since Obama is been in office..... .................................... A trade agreement with Panama faces objections by Democrats in the U.S. Congress who say they won’t support the pact unless that country agrees to clamp down on tax evaders who find refuge there..........The dispute is a setback to President Barack Obama’s bid to get the free-trade agreement approved soon. The lawmakers said the Central American nation must first sign a tax treaty. Panama was put on a list of countries giving sanctuary to tax cheats last month by the Organization for Economic Cooperation and Development.

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