As reported in the UK's Guardian, an editorial in the widely read German newspaper, Frankfurter Allgemeine Zeitung, Germany put the retirement-age issue front and center in the EU financial crisis: And a new study put out by PricewaterhouseCoopers says the United Kingdom's plan to increase its public retirement age from 65 to 68 by 2046 doesn't go far enough; the consulting firm recommends raising the retirement age to 70 by 2046 to help put a dent in the U.K's budget deficit. The full … Greek Industrial Output Shrinks for 5th Month, Greek Manufacturing PMI Returns to Contraction, Greek Producer Deflation Deepens in September, Greek Retail Trade Falls the Least in 6 Months, Total Credit to the Greek Economy Rises Most in 11 Years, Greek Current Account Balance Swings to Gap, Greek Construction Output Drops the Most in Near 3 Years, Thailand Consumer Sentiment Strengthens in October, Japan Machinery Orders Sink More than Expected.
Closer to Home News provided by The Associated Press. Yes, we should ensure that individuals unable to continue working due to poor health can start to draw early benefits. Retirement Age Men in Greece remained unchanged at 67 in 2020 from 67 in 2019. source: Hellenic Ministry of Labour, Social Insurance and Social Solidarity. That fact is not lost on Germany, which faces the prospect of having to lead a bailout of Greece. Delayed retirement is now a hot button issue for cash-strapped European governments.
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At some point, if (when?) But for the vast majority of individuals it simply makes little economic sense to be able to draw a reduced benefit at age 62 that is 25 percent to 30 percent less than what you qualify for at your full retirement age. Copyright © 2020 CBS Interactive Inc. All rights reserved. Download historical data for 20 million indicators using your browser. Retirement Age Women in Greece remained unchanged at 67 in 2020 from 67 in 2019. source: Hellenic Ministry of Labour, Social Insurance and Social Solidarity Retirement Age Women in Greece averaged 64.63 from 2009 until 2020, reaching an all time high of 67 in 2015 and a record low of 57 in 2009. That set off howls in Greece--.and Germany. But in fact the average life expectancy for a 65-year is about 20 years. Updated on: March 1, 2010 / 9:02 AM Including Greece and Spain. Seems like encouraging individuals to at least work until they qualify for the larger benefit available at their Full Retirement Age (between 65 and 67 depending on your year of birth) makes a whole lot more sense-for individuals and the solvency of the system-than Dennis Kucinich's recent proposal to encourage early retirement. While Greek citizens are hoppin' mad at the increase in their retirement eligibility, they currently have one of the lowest retirement age requirements in the EU. And if by some miracle we got really serious about addressing entitlements, raising the Full Retirement Age past 67 makes financial sense as well. Elsewhere on the Continent, Spain too finds itself in a retirement-age brawl with its citizens. Greek Industrial Output Shrinks for 5th Month, Greek Manufacturing PMI Returns to Contraction, Greek Producer Deflation Deepens in September, Greek Retail Trade Falls the Least in 6 Months, Total Credit to the Greek Economy Rises Most in 11 Years, Greek Current Account Balance Swings to Gap, Greek Construction Output Drops the Most in Near 3 Years, Thailand Consumer Sentiment Strengthens in October, Japan Machinery Orders Sink More than Expected. / MoneyWatch. The Work Out The knee-jerk protests to raising the official retirement age conveniently overlook one crucial point: life expectancy has shot up a lot more than the increases in retirement age being proposed by the various governments. Legal Statement. And over in the United Kingdom, a new report says plans to increase the public retirement age to 68 falls short. The Economist recently ran a great graphic showing that the average life expectancy for men after retirement has pretty much doubled in every country since 1965.
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Washington gets serious about addressing the budget deficit and the precarious financial footing of Social Security, the age issue needs to be put on the table here in the U.S. as well. The minimal retirement age has gradually increased from 60 to 62 years by 2018.
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In an effort to shore up its balance sheet, the Greek government recently announced plans to increase the official retirement age to be eligible for a state pension from 61 to 63. Market data provided by ICE Data Services.
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The Trading Economics Application Programming Interface (API) provides direct access to our data. Get the latest breaking news delivered straight to your inbox. According to the Center for Retirement Research at Boston College, speeding up the current transition to a FRA of 67 and then indexing future FRA levels to changes in longevity would "solve" 30 percent of Social Security's financing woes. Delayed retirement is now a hot button issue for cash-strapped European governments. 2009-2020 Data | 2021-2022 Forecast | Historical, source: Hellenic Ministry of Labour, Social Insurance and Social Solidarity. © 2010 CBS Interactive Inc. All Rights Reserved. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. The Trading Economics Application Programming Interface (API) provides direct access to our data.
Trump and Biden pause to mark Veterans Day, Americans planning holiday travel could add to COVID-19 surge, Biden plans sweeping reversal of Trump's immigration agenda, Ex-cop charged in Breonna Taylor raid sued for alleged sex assault, UPS allows its employees to wear their natural Black hairstyles, Ron Klain to serve as Biden's chief of staff, L.A. coroner orders rare inquest into police shooting death of teen, Dems and GOP worry about Facebook and Google political ad bans, Election Live Updates: Trump and Biden pause to mark Veterans Day, A first-hand look at ballot counting in Pennsylvania, Georgia secretary of state announces hand recount of presidential race, Pentagon upheaval in Trump's final weeks in office, Trump makes first formal public appearance since election defeat, Biden and the economy: What it means for your wallet, Pompeo declines to say Biden has won presidential election, Biden team considering legal options if Trump keeps stalling, raise Spain's retirement age from 65 to 67, United Kingdom's plan to increase its public retirement age. 2009-2020 Data | 2021-2022 Forecast | Historical | Chart, source: Hellenic Ministry of Labour, Social Insurance and Social Solidarity. If the odds were good that you would keel over by 65 drawing the smaller benefit would be reasonable. Powered and implemented by FactSet. First published on March 1, 2010 / 4:25 AM. Retirement Age Men in Greece averaged 65.42 from 2009 until 2020, reaching an all time high of 67 in 2015 and a record low of 57 in 2009.