France is considering raising the retirement age to 65
France is considering raising the retirement age to 65

France is considering raising the retirement age to 65

French workers could see their legal retirement age jump from 62 to 65 if President Emmanuel Macron gets his way.

Macron, who is running for re-election, said the move is a natural development. “We are in an aging society,” he said during one press conference. “It is therefore normal that we work more.”

This is not the first time the French president has proposed raising the legal retirement age – the first time was two years ago when he proposed raising it to 64, but the proposal was postponed due to the pandemic. The proposal was also met with opposition, among others month long transport strike. At the time, Macron said the reform would be implemented gradually and that it would only apply in full to workers born after 1975 (who would then be able to legally retire in 2039).

Although the United States does not have a legal retirement age, it does have Social Security’s Full Retirement Age, which is the time when a recipient will receive 100% of their benefits owed by claiming. Retirees can start claiming social security at 62 if they have qualified, but claiming early results in a permanent reduction in benefits. People who delay after full retirement age up to 70 years get more money for each month that is delayed.

The full retirement age is based on the month and year the recipient was born. For people born between 1943 and 1954, FRA is 66 years old and is gradually increasing for those between 1955 and 1960. Everyone born in 1960 or later has an FRA of 67, according to Social Security Administration.

Social security is expected to run out of money in its trust funds over the next decade and a half, at which point recipients will see a reduction in what they receive each month. Congress has not yet decided what needs to be done to address this issue of insolvency. One proposal has been to raise the full retirement age, although this proposal – and any other that affects social security – has been controversial.

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