2009-2020 Data | 2021-2022 Forecast | Historical, source: Hellenic Ministry of Labour, Social Insurance and Social Solidarity. 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. / MoneyWatch. 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.
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.
Market data provided by ICE Data Services. 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.
Facing Facts 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. News provided by The Associated Press. 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.
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. Powered and implemented by FactSet. That fact is not lost on Germany, which faces the prospect of having to lead a bailout of Greece. 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. 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. Publish your articles and forecasts in our website. Be in the know. Copyright © 2020 CBS Interactive Inc. All rights reserved. Publish your articles and forecasts in our website. Get the latest breaking news delivered straight to your inbox. The Work Out
And if by some miracle we got really serious about addressing entitlements, raising the Full Retirement Age past 67 makes financial sense as well.
Delayed retirement is now a hot button issue for cash-strapped European governments. ICE Limitations. If the odds were good that you would keel over by 65 drawing the smaller benefit would be reasonable. 2009-2020 Data | 2021-2022 Forecast | Historical | Chart, source: Hellenic Ministry of Labour, Social Insurance and Social Solidarity. That set off howls in Greece--.and Germany. But in fact the average life expectancy for a 65-year is about 20 years. And over in the United Kingdom, a new report says plans to increase the public retirement age to 68 falls short.
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. Download historical data for 20 million indicators using your browser. First published on March 1, 2010 / 4:25 AM. At some point, if (when?) Direct access to our calendar releases and historical data.
© 2010 CBS Interactive Inc. All Rights Reserved. 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.