An advanced pension and retirement system is a major reason why Chinese citizens choose to invest and immigrate to the United States. The Worldway "Immigrant Life" column will launch a series of articles on the U.S. retirement and pension system. In this issue, we will explore the heated debate on delayed retirement in the U.S. for the reference of our immigrant friends:
In the United States, there are many reasons why people choose to delay retirement. Some enjoy working and wish to continue contributing, while more do so to earn extra income to ensure a more stable and affluent later life. Data from the U.S. Bureau of Labor Statistics shows that in 2013, 24% of American men over the age of 65 were still working, as were 15% of women over 65. The annual statistical report from the U.S. Social Security Administration reflects the same trend.
The current progressive retirement system in the U.S. was established by legislation passed by Congress in 1983, which effectively alleviated the social security funding crisis of the 1970s for a period of time. However, by 2010, the U.S. Social Security program experienced its first deficit since the 1983 reforms, and it is projected to face the dilemma of "social security bankruptcy" by 2033. Consequently, there is an ongoing debate in the U.S. regarding whether to "raise the retirement age."
Senator Chuck Grassley, Chairman of the Senate Finance Committee, once suggested raising the retirement age for Americans to 69. According to projections, delaying the retirement age to 70 would reduce the social security funding gap by 44%. Among the solutions being considered by the U.S. government to address the funding gap, tax increases are also an option. At present, the U.S. government has not reached a final decision and is still exploring options.
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