China’s Retirement Age Hike Sparks Urgency: 5 Critical Fixes the U.S. Retirement System Needs Now

3.     Incentives for Late Retirement (Additional Incentives)

While the Social Security program already provides higher Social Security payouts to those who wait until the age of 70, it isn’t apparently enough. Many seniors think they won’t be able to survive by that time or are already in need of retirement funds due to a lack of savings on their end. This is why additional incentives—such as further tax breaks, enhanced pension contributions, or healthcare benefits—could encourage more Americans to delay retirement.