Responding to a tweet showing demonstrations in France against the pension reforms of President Macron’s government (without a vote in the National Assembly), Musk stated: “Macron is doing the difficult but right thing. The retirement age of 62 was set when life expectancy was much shorter. It is impossible for a small number of workers to support a large number of retirees.”
Do not miss:
Just a few months later, Musk reiterated his stance on retirement, stating, “The retirement age in France is too low. It’s a legitimate concern.” This time, it was in response to a video purporting to show the streets of Paris burning, with the caption, “Paris tonight. Soon everywhere.” A well-known user of the X platform, Catturd, commented, “Looks like people are fed up with dictators pretending to be democratic leaders.”
So it seems that Musk has a different view on the issue than many of his loyal followers. Some criticize this perspective for failing to do justice to the challenges facing workers, arguing that such reforms could disproportionately affect those who have physically demanding jobs, as they may not have the opportunity or ability to work longer hours.
On the other hand, proponents of his view argue that raising the retirement age could reduce the financial pressure on pension systems and ensure that sufficient resources are available for future generations.
Tendency: Executives and founders of Uber, Facebook and Apple are bullish on this wellness app you can invest in at $1.15 per share.
Retirement age in the USA and France
The full retirement age (FRA) for Social Security benefits has been gradually raised. For those born in 1955, the FRA is 66 years and two months; for those born in 1960 or later, it is 67. Early retirement is possible as early as age 62, resulting in lower benefits. This change is intended to take into account the increased life expectancy and the financial burden on the Social Security system caused by the growing number of retirees.
The approach to retirement planning in the United States is also influenced by the availability of various retirement savings plans, such as 401(k)s and IRAs, which provide people with additional means of financial security beyond Social Security benefits.
In FranceThe retirement age is a controversial issue. The French pension system is mainly funded by employee contributions, so the ratio of workers to pensioners is a key factor in sustainability. Historically, the official retirement age was 60, but was raised to 62 in 2010. President Emmanuel Macron’s recent reforms raised it to 64, sparking widespread protests.
France is not the only European country to take such measures. In Italy and Germany, the official retirement age has been raised to 67. In the UK, it is also expected to rise to 67 between 2026 and 2028. In Spain, it will be 67 by 2027.
Continue reading:
“THE SECRET WEAPON OF ACTIVE INVESTORS” Up your stock game with the #1 trading tool for “news and everything else”: Benzinga Pro – Click here to start your 14-day trial now!
Want to get the latest stock analysis from Benzinga?
This article Musk advocates late retirement: Praises France’s bold move originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.