Some groups feel they have been left behind by the last wave of reforms
As part of sweeping pension reforms in the 1990s, Sweden made a part of its Social Security system private.
Separating the pension into individual accounts was meant to garner interest and commitment to the system. Swedes receive a bright orange envelope in the mail with account statements, and the psychological effects have reportedly enticed some to work longer, The Wall Street Journal reported. Sweden is now in the midst of another wave of pension reform. Currently, retirees can withdraw from their pensions any time between ages 61 and 67, but under the new rules, they’ll have to be a specific age — in 2023, they’ll need to be 62, for example. By 2026, the age will be 64, and thereafter the age will be tied to life expectancy rates, said Annika Strandhall, Sweden’s Minister for Social Security.
Privatizing a portion of the pension system was just a small piece of the previous reform, but it is something the U.S. couldn’t do. President George W. Bush proposed privatizing Social Security in the early 2000s, arguing the system had funding issues and needed to be changed. Critics said private accounts could hinder Americans’ future retirement security, since so much of their money would be at risk if the markets were to see a downturn.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Iowa Republican Senator Wants to Gut Social Security ‘Behind Closed Doors’Even if you are gullible enough to believe that Joni Ernst is looking at Social Security with anything other than bad intent, this 'behind closed doors' comment is a terrible look for her
Read more »
Homeland Security to collect social media usernames on immigration and visitor applicationsThe Department of Homeland Security plans to begin requesting social media information on applications for immigration benefits and foreign travel to the US, an expansion of data collection already taking place.
Read more »
Column: A Republican senator hints at gutting Social Security 'behind closed doors'GOP Sen. Joni Ernst wants to 'reform' Social Security in secret, an indication that the public won't like the result
Read more »
The lawyer who represented ASAP Rocky at his assault trial in Sweden has been shotHenrik Olsson Lilja initially worked with ASAP Rocky on his case following a June 30 street brawl.
Read more »
A$AP Rocky's Lawyer in Sweden Case Shot in the HeadOh no! Will this affect asvpxrocky's case
Read more »
Lawyer Who Represented A$AP Rocky Shot in SwedenA Swedish lawyer who represented American rapper A$AP Rocky in an assault case was shot Friday morning in Stockholm.
Read more »