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Tax increases or a new retirement age? Many directions could be taken in the Social Security reform discussion

While President Emmanuel Macron drives ahead pension measures that might increase the nation’s retirement age from 62 to 64, employees in France are turning to the streets in opposition. Over 1 million individuals participated in protests the previous week, and public transportation was severely affected. Moreover, waste has been collected as a result of the garbage collectors’ strike.

The full retirement age must be raised, according to certain lawmakers in the United States who are evaluating reforms to state welfare programs.

The Congressional Budget Office predicts that now the trustees that support retirement benefits would go bankrupt around 2032, putting lawmakers on a tight schedule. Although that doesn’t always mean the system might fail.

As per Alicia Munnell, the director of the Center for Retirement Studies at Boston College, such adjustments would have an impact on both present and future beneficiaries.

She stated “, “Something must be done. You must either increase earnings or decrease outgoing payments.

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