The European Economic Crisis and Higher Retirement Ages

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Effects of European Debt Crisis

European Economic Crisis Leads to Higher Retirement AgesAs the European debt crisis continues to make headlines around the world, American International Group Inc. (AIG) Chief Executive Officer, Robert Benmosche, believes that governments around the world are going to have to understand that people are going to have to work later into their life. As the average life expectancy increases, it is important that people get prepared to work into their 70s and 80s.

Benmosche, who turned 68 last week said that if people decided to work later into their lives it would make “pensions [and] medical services more affordable. They will keep people working longer and will take that burden off of the youth.”

Higher Retirement Ages in Greece

As the European crisis continues, Greece has shown signs of exiting the euro. If Greece decided to go through with it and abandon the euro, it could be disastrous for the country and Europe seems to be working to prevent that from happening.

As of right now, Greece has an average life expectancy of about 81.3 years with an average retirement age of 59.6. This is one of the lowest retirement ages in Europe. It seems that as the life expectancy continues to become higher and higher the working population is going to have to get used to the idea of working into their later years. A retirement age of 60 or 65 may not be plausible for the entire working population at this point.

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