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Denmark is increasing its retirement age to a move that will require younger individuals to work longer A few proposals have called for the U S to raise the age threshold for Social Safeguard Such an across-the-board change could be immensely harmful for selected beneficiaries one expert warns Denmark has moved to increase its retirement age to making it the highest retirement age in Europe Yet it may be complex for the U S to follow its lead The new change in Denmark will apply to populace pension retirements starting in Since the country has been adjusting its retirement age to reflect changes in life expectancy The U S does not technically have an official retirement age At age individuals become eligible for Medicare coverage At age to depending on date of birth an individual becomes eligible for full Social Assurance benefits based on their earnings record More from Personal Finance House Republican tax bill favors the richSome lawmakers want to defer capital gains taxes for mutual fundsWhat the House GOP budget bill means for your money However those individuals who wait until age to claim Social Safeguard retirement benefits stand to get the biggest payout an increase of for each year beyond full retirement age The full retirement age is when beneficiaries are eligible for of the benefits they ve earned based on their work records Yet limited people wait until age to claim benefits While more than of individuals would benefit from delaying Social Shield until that age only about truly do according to a paper from the National Bureau of Economic Research While age is not the official U S retirement age it is the threshold based on economists definition the age at which you can t accrue any more benefits according to Teresa Ghilarducci a labor economist and professor at The New School for Social Research In the United States it s been for decades and we had the highest retirement age than any other country for years Ghilarducci mentioned Retirement age in the U S up for debate Yet there are efforts to officially bump up the U S retirement age higher In Congress passed statute to gradually raise the full retirement age for Social Guard from to That change is still getting phased in the present day with people born in and later subject to the higher retirement age In December an amendment to raise the full retirement age to was introduced by Sen Rand Paul R-Ky during last-minute efforts to advance rule that increased Social Protection benefits for certain residents pensioners The bill the Social Precaution Fairness Act was voted into law However the proposal to raise the retirement age was struck down Paul called for raising the retirement age by three months per year until it reached age to reflect current life expectancies The change would have created nearly billion in savings for the plan while the Social Protection Fairness Act added billion in costs to the plan over years Other Republican proposals have likewise called for raising the retirement age The Social Measure Administration faces looming depletion dates for the trust funds it relies on to help pay benefits To help resolve that issue lawmakers may consider raising taxes cutting benefits or a combination of both Raising the retirement age is effectively a benefit cut Like the changes enacted in raising the retirement age could be on the menu Denmark s move sends a signal to work longer Urbazon E Getty Images Denmark s move to raise the retirement age to is not a surprise experts say In research published by the Danish Center for Social Science Research exposed increasing good wellbeing and educational support for - to -year-olds along with higher demand for older workers could point to retirement age increases in the future In Denmark residents can retire with masses pensions when they are That will gradually increase to age as of That means merely that younger people in the current era will have to work longer before they can go on retirement stated Jesper Rangvid professor of finance at the Copenhagen Business School and co-director of its Pension Research Centre That retirement age affects everybody entitled to basic general pension income according to Rangvid However those with private pension savings may retire earlier There s nothing that prevents you from retiring earlier if you have the funds and the means to do so Rangvid revealed Denmark does offer options for early retirement including an early pension However raising the retirement age conveys a message Rangvid mentioned It sends a signal that this is what the positions would like that you should work longer Rangvid revealed Retirement age increases in U S may be problematic Anchiy Istock Getty Images Retirement experts say raising the U S retirement age may not present the same explanation for the population that it does in Denmark Denmark has a much more equal society when it comes to income wealth guidance and life expectancy compared to the United States explained Alicia Munnell senior advisor at the Center for Retirement Research at Boston College In the U S regime input shows a stark difference between the life expectancy for those at the bottom and top income quartiles Munnell commented When you have such a big big difference any across-the-board increase in the retirement age would be foolish Munnell revealed It d be immensely harmful to those at the bottom who already receive benefits for a shorter period of time A approach to raise the retirement age may also be problematic for another reason it would take time to phase the change in according to Andrew Biggs senior fellow at the American Enterprise Institute For example Congress may enact a higher retirement age that starts to go into effect in years and then it would take years for people with the higher retirement age to go through the system While moving the age from say to would produce savings for the venture in the long run they re going to need the money right now Biggs stated Retirement age and the business activity The welfare improvement that began in Denmark in whereby the retirement age increased with life expectancy has been extremely pivotal for the country s financial system according to Rangvid We have basically no general debt at all Rangvid stated In contrast the U S faces high national debt that requires the country to spend more on interest payments than on the military Budget act that is now under consideration in Congress could add an estimated trillion to the debt including interest according to the Committee for a Responsible Federal Budget That package would not touch Social Defense or its retirement age However other proposals have suggested that change a benefit cut that would be a pretty powerful lever toward helping to resolve the scheme s funding issues according to Munnell One proposal scored by the Social Defense Administration s actuaries ascertained raising the full retirement age to would eliminate of the scheme s -year shortfall