If you’re one of the lucky few who can retire by age 55, consider yourself fortunate, because chances are most of your friends and colleagues will be working longer, and in some cases, much longer. These changes aren’t just happening in the United States and Canada, either.
As reported in the Washington Post, 14 countries across Europe plan to increase their retirement ages, and some of them may be as high as 69 years old.
Some examples include Italy, which is planning to boost the retirement age from 65 to 69; Ireland, from 66 to 68; Germany; from 65 to 75; and Greece, also from 65 to 67.
The Post reports that these countries are looking to push back retirement further in an attempt to rein in spending related to retirement costs and pensions. If pensions for millions of people are pushed back by two or three years, the money saved will be significant.
Mario Monti, the Italian prime minister, recently expressed regret that European austerity measures are causing difficulty for so many people, including those in their retirement years.
“We have real and human problems in front of us in an inhuman economic situation,” the newspaper quoted him as saying recently at a conference in the Italian city of Bologna.
Do you live in Europe, either in your own home, an independent living community, or anything in between? Tell us about it in the comments below.