In response to a tweet showing demonstrations in France against President Macron’s government pension reforms (without a vote in the National Assembly), Musk stated: “Macron is doing the hard, but right thing. The retirement age of 62 was set when the lifespan was much shorter. It is impossible for a small number of workers to support a large number of retirees.”
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Just a few months later, Musk reiterated his stance on retirement, saying, “The retirement age is too low in France. That’s a legitimate issue.” This time it was in response to a video that supposedly showed the streets of Paris on fire with the caption: “Paris tonight. Soon everywhere.” A well-known user on the
So it seems Musk has a different view than many of his devoted followers. Some criticize this perspective as out of touch with the challenges workers face, and argue that such reforms could disproportionately impact those in physically demanding jobs, who may not have the option or ability to work longer hours.
On the other hand, proponents of his position argue that raising the retirement age could ease financial pressure on pension systems and ensure resources are available for future generations.
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Retirement age in the US versus France
The full retirement age (FRA) for Social Security benefits has gradually increased. For those born in 1955, the FRA is set at 66 years and two months; for those born in 1960 or later, the FRA is age 67. Early retirement can be taken at age 62, resulting in lower benefits. This shift aims to take into account increased life expectancy and the financial pressure on the social security system caused by the growing population of retirees.
America’s approach to retirement is also influenced by the availability of various retirement savings plans, such as 401(k)s and IRAs, which provide people with additional resources to support themselves financially beyond Social Security benefits.
In Francethe retirement age has been a controversial topic. The French pension system is mainly financed by employee contributions, making the ratio between employees and pensioners a crucial factor for sustainability. Historically, the official retirement age was 60, but this was increased to 62 in 2010. President Emmanuel Macron’s recent reforms increased this to 64 years, sparking widespread protests.
France is not the only European country to take such measures. In Italy and Germany the official retirement age was raised to 67. In Great Britain too, this is likely to be increased to 67 years between 2026 and 2028. In Spain it will be 67 years old in 2027.
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This article Musk Advocates Late Retirement: Praises France’s Bold Move originally appeared on Benzinga.com
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