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

1.     Gradually Raise the Retirement Age

Social Security benefits can start as early as age 62, but the full retirement age for those born in 1960 or later is 67. Today, the life expectancy at birth is in the late 70s, around 77 years. When the Social Security program was enacted in 1935, life expectancy at birth was approximately 61 years, while the eligibility to retire was 65. As of today, things need to change urgently for the program to keep solvent. Social Security funds are at stake due to shrinking workforces and an ever-aging population, similar to China. Just like China’s incremental retirement age is designed to address this growing imbalance, the US needs to do the same. A gradual rise in the retirement age can help the system adjust slowly, all while giving future retirees sufficient time to plan their future.

Check out our complete analysis here: China’s Retirement Age Hike Sparks Urgency: 8 Critical Fixes the U.S. Retirement System Needs Now

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