US - The retirement age must be raised sooner rather than later if the country is to stave off an impending pension crisis, the American Academy of Actuaries (AAA) has warned.
Tom Terry, the vice president for pension issues, AAA, said in addition to increasing retirement age, "tax increases could be phased in more gradually".
He added: "Reductions in benefit growth could be spread across a much larger population of beneficiaries, making individual reductions relatively smaller and less precipitous."
The AAA said, however, the widely commented on demographic shift of retiring baby boomers was not the sole cause of the problems and was in any case only a "temporary part" of the difficulties.
Terry said: "The programme is facing a demographic problem that demands a demographic solution. Long after all the baby boomers have departed, Social Security's income will cover only about three-fourths of its costs."
Leaving the retirement age fixed at 67 was "a certain prescription for future financial problems" in light of rises in post-retirement life expectancy, the AAA said.
Increased longevity projections showed the average male to live to 83.8 years by 2040, up from 76.9 in 1940.
"A delay will only make the changes […] less attractive, more painful and more precipitous," the Academy warned.
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