{"id":187219,"date":"2023-03-23T11:30:00","date_gmt":"2023-03-23T15:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=187219"},"modified":"2023-03-29T10:01:54","modified_gmt":"2023-03-29T14:01:54","slug":"from-france-to-the-u-s-pension-reforms-and-the-retirement-age-debate","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/retirement\/from-france-to-the-u-s-pension-reforms-and-the-retirement-age-debate\/","title":{"rendered":"From France To The U.S.: Pension Reforms And The Retirement Age Debate"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">French President Emmanuel Macron took a bold step last Friday by raising the legal retirement age in his country from 62 to 64, bypassing parliament and potentially setting his government up for a vote of no confidence. The unpopular pension reform, Macron says, is necessary to address the financial deficits caused by pandemic spending and the European energy crisis.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With the U.S. watching closely, could France\u2019s pension reform serve as a blueprint for future changes to Social Security?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I don\u2019t envy Macron for making this tough call. The people of France enjoy one of the most generous pension systems in the European Union (EU). According to 2020 data, France spent a jaw-dropping&nbsp;<a href=\"https:\/\/www.statista.com\/statistics\/467651\/public-spending-for-pensions-forecast-france\/\">14.7% of its GDP<\/a>&nbsp;on pensions alone.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, the sustainability of this pension system is being threatened by demographic changes. The Western European country has one of the highest life expectancies in the world, and the expected years in retirement have increased considerably. French men were expected to spend&nbsp;<a href=\"https:\/\/www.euronews.com\/next\/2023\/01\/10\/pension-reform-in-france-which-countries-have-the-lowest-and-highest-retirement-ages-in-eu#:~:text=Excluding%20Turkey%2C%20the%20minimum%20current,where%20OECD%20data%20is%20available.\">23.5 years in retirement on average,<\/a>&nbsp;second only to men in Luxembourg, according to the Organization for Economic Cooperation and Development (OECD). For women, that number rose to 27.1 years.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"900\" height=\"398\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/COMM-Life-Expectancy-Region-03172023-1.png\" alt=\"Life expectancy by region, 1971 - 2021\" class=\"wp-image-187222 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/COMM-Life-Expectancy-Region-03172023-1.png 900w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/COMM-Life-Expectancy-Region-03172023-1-700x310.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/COMM-Life-Expectancy-Region-03172023-1-300x133.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/COMM-Life-Expectancy-Region-03172023-1-768x340.png 768w\" data-sizes=\"(max-width: 900px) 100vw, 900px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 900px; aspect-ratio: 900\/398;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Like other high-income countries, particularly those in Europe, France\u2019s birth rate has steadily dropped over the years, guaranteeing there will be fewer workers to support a rapidly aging population. In 2021, there were&nbsp;<a href=\"https:\/\/ourworldindata.org\/grapher\/crude-birth-rate?tab=chart&amp;country=OWID_WRL~FRA~Europe+%28UN%29~High-income+countries\">10.5 births in France per 1,000 people,<\/a>&nbsp;down from 13.2 births 30 years earlier.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-social-security-in-the-crosshairs\"><strong>Social Security In The Crosshairs?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">No doubt U.S. lawmakers are keeping a close eye on the political fallout from France\u2019s retirement reform. If the widespread strikes and marches are any indication, the future of Macron\u2019s government appears to be in jeopardy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The truth is that the U.S. may be facing a similar reckoning, and investors and savers need to be prepared. Sixty-six million Americans currently receive monthly benefits from Social Security, which, if nothing changes, is expected to be insolvent by 2035 at the latest.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Take a look below at the Congressional Budget Office\u2019s (CBO) projections of mandatory entitlement spending. By 2032, Social Security will represent nearly 6% of U.S. GDP, up from around 5% today. Major health care programs, including Medicare and Medicaid, will account for an even greater chunk of the economy as older Americans continue to make up a larger share of the total population. &nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"900\" height=\"470\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/COMM-projections-of-us-outlays-03162023-1.webp\" alt=\"projections of US outlays compared with historical values\" class=\"wp-image-187221 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/COMM-projections-of-us-outlays-03162023-1.webp 900w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/COMM-projections-of-us-outlays-03162023-1-700x366.webp 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/COMM-projections-of-us-outlays-03162023-1-300x157.webp 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/COMM-projections-of-us-outlays-03162023-1-768x401.webp 768w\" data-sizes=\"(max-width: 900px) 100vw, 900px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 900px; aspect-ratio: 900\/470;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The more reasonable changes under consideration are raising the retirement age, possibly to as high as 70, and increasing the amount of annual wages subject to the Social Security payroll tax.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Other options include privatization, which, of course, carries investment risk. In 2022, corporate retirement plans in the U.S.&nbsp;<a href=\"https:\/\/www.pionline.com\/retirement-plans\/largest-retirement-plan-markets-show-battle-wounds-tumultuous-2022\">recorded a loss of 19%,<\/a>&nbsp;underperforming public plans, which fell 17%, according to Pension &amp; Investments. A year earlier, public plans returned 18%, two and a half times more than corporate plans did.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Only 15% Of Americans Contribute To An IRA<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The big takeaway here is that I don\u2019t believe it\u2019s wise or prudent to assume that Social Security, in its present form, will be there for you when you retire. It\u2019s time for Americans to take a greater role in their own retirement planning.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That may prove to be more challenging than expected. I was surprised to learn that very few American households contribute to a traditional or Roth IRA.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to findings by the Investment Company Institute (ICI), a dismal&nbsp;<a href=\"https:\/\/www.ici.org\/system\/files\/2023-02\/per29-01_0.pdf\">15% participated in 2022,<\/a>&nbsp;marking the highest annual rate in 15 years\u2019 worth of data. Twenty-six percent of households owned an IRA but didn\u2019t contribute. Alarmingly, 59% of households don\u2019t own an IRA at all.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"900\" height=\"398\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/COMM-few-households-contribute-to-IRA-03172023.webp\" alt=\"few households contribute to traditional or roth IRAs\" class=\"wp-image-187220 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/COMM-few-households-contribute-to-IRA-03172023.webp 900w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/COMM-few-households-contribute-to-IRA-03172023-700x310.webp 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/COMM-few-households-contribute-to-IRA-03172023-300x133.webp 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/COMM-few-households-contribute-to-IRA-03172023-768x340.webp 768w\" data-sizes=\"(max-width: 900px) 100vw, 900px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 900px; aspect-ratio: 900\/398;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">By taking a more hands-on approach to retirement planning, Americans can better prepare themselves for a financially secure future, reducing their dependence on Social Security and avoiding potential risks associated with changes to the system.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Not everyone knows where to start, however, and that\u2019s why we created the&nbsp;<\/strong><a href=\"https:\/\/www.usfunds.com\/invest-with-us\/\"><strong>ABC Investment Plan.<\/strong><\/a><strong>&nbsp;With just a small initial investment and an affordable monthly contribution, you can begin investing in our funds. The ABC Investment Plan is an automatic investment plan that uses the advantages of dollar-cost averaging\u2014a technique that lets you invest a fixed amount in a specific investment at regular intervals\u2014together with financial discipline to help you work toward your financial goals.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Originally Posted March 20, 2023 &#8211; <a href=\"https:\/\/www.usfunds.com\/resource\/from-france-to-the-u-s-pension-reforms-and-the-retirement-age-debate\/\">From France To The U.S.: Pension Reforms And The Retirement Age Debate<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will be directed to a third-party website(s). U.S. Global Investors does not endorse all information supplied by this\/these website(s) and is not responsible for its\/their content.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>French President Emmanuel Macron took a bold step last Friday by raising the legal retirement age in his country from 62 to 64, bypassing parliament and potentially setting his government up for a vote of no confidence. <\/p>\n","protected":false},"author":36,"featured_media":187220,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[5,6,8,178,9,26,3],"tags":[526,14990,6453,715,14991],"contributors-categories":[13633],"class_list":["post-187219","post","type-post","status-publish","format-standard","has-post-thumbnail","category-europe-middle-east-africa","category-north-america","category-region","category-retirement","category-securities","category-text-articles","category-traders-insight","tag-france","tag-pension-reform","tag-pensions","tag-retirement","tag-retirement-age","contributors-categories-us-global-investors"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.4) - 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