Think Social Security is a Ponzi scheme? If so, it may not be the only one.
Japan introduced new measures to reduce debt in its pension system by raising the retirement age, according to The Yomiuri Shimbun.
[T]he ministry deems it necessary to start considering raising the pensionable age further or more quickly–or both–to stabilise financial sources for the pension programs in consideration of the nation’s rapidly ageing population and chronically low birthrate.
Japan’s health ministry submitted several plans for debate, including one that would raise the retirement age to 70. The country has already started gradually to raise the retirement age from 60 to 65.
Japan’s median age will be an unprecedented 55 years old by 2040, according to UN estimates.
Its pension system was rated “D” in a recent study, worse than America’s “C”.