Social Security: Will the U.S. Raise the Retirement Age to 70?

Most people want to retire as early as possible, but will Australia's proposal to raise the retirement age to 70 lead other countries to follow suit?

Jun 30, 2014 at 2:15PM

Most people plan to retire as early as they can while being financially secure. Yet in Australia, the government recently proposed raising the nation's retirement age from its current level of 65 all the way to age 70 within the next 20 years or so. Will the U.S. make the same move?

In the following video, Dan Caplinger, The Motley Fool's director of investment planning, looks at Australia's proposal. Dan notes that Australia currently has a retirement age of 65, and it's pegged to rise to 67 by 2023. But a further proposal would take the age all the way to 70 by 2035, with Australia's treasurer arguing that keeping the program solvent without boosting taxes on young workers is an essential benefit of the proposal. Yet opponents argue that keeping people working longer means fewer jobs for younger workers, making the move counterproductive. Dan notes that we've already seen some retirement-age moves in the U.S., with retirement ages set to rise from 66 to 67 over the next decade. Dan concludes that further increases are possible, although there are other measures that could help the Social Security system shore up its finances as well.

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Dan Caplinger and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

4 in 5 Americans Are Ignoring Buffett's Warning

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Jun 12, 2015 at 5:01PM

Admitting fear is difficult.

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Our team of analysts wrote down every single word Buffett and Munger uttered. Over 16,000 words. But only two words stood out to me as I read the detailed transcript of the event: "Real threat."

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KPMG advises we're "on the cusp of revolutionary change" coming much "sooner than you think."

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David Hanson owns shares of Berkshire Hathaway and American Express. The Motley Fool recommends and owns shares of Berkshire Hathaway, Google, and Coca-Cola.We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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