BARCELONA, Spain — Chanting 'Retirement before arthritis,' more than a million people poured into the streets in cities across France on Tuesday in protest of government plans to boost the country's retirement age from 62 to 64.
Another factor that weighs heavily on the need to raise the retirement age in Europe: declining birth rates.
And while the U.S. government pays about 7% of GDP for pensions, many European governments pay much more, with 16% of Italy’s GDP, for example, going toward retiree payments. “I think it’s only fair for professionals who start working in their mid- to late 20s to work until they are 70, unless they have serious health issues,” Lucie Astill, 42, an administrative assistant at a law firm in Barcelona, told Yahoo News. “I have a mortgage until I am 70, so I have no plans to retire before then. People are healthier now, and it is just unfair to expect the state to support you financially for 30-plus years if you retire at 60.
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