At home all efforts to delay retirement age are, unsurprisingly, unpopular.
Russia's pension changes, which were signed into law by Putin last week, will delay retirement age for all Russians by five years.
Ms. Johansson said she expected that more countries would move to delay retirement age, and noted that some countries were considering indexing that number to life expectancy.
For example, the long term financial sustainability of many pension systems around the world can be vastly improved if the older generation concedes to delaying retirement age to match changes in life expectancy; and the younger working generation agrees to raise contribution rates to reflect the changes in population dependency ratio.
One couple a husband and wife who both worked as professionals and delayed retirement past age 70 will spend about $21,100 out of pocket this year under Medicare, before counting co-pays.
Claiming and suspending payments allows the lower earner to claim a spousal benefit and the higher earner to continue working and earn delayed retirement credits until age 70.
Baby boomer respondents to a Gallup survey indicate that retirement age plans are related to whether individuals believe they have "enough money to do everything that you want to do". Those who strongly disagree with that statement plan to delay retirement until age 73, while those who strongly agree focus on retiring at age 66.
Second, if they delay retirement to age 70, it gives them an additional five years to let their savings and investments grow on a compounded basis.
In one case on the official Social Security website, for example, monthly benefits rise 76percentthroughgh delaying retirement from age 62 to 70.
If you don't factor any Social Security income into the equation and assume a moderate-risk portfolio (60% allocated to stocks, 35% bonds and 5% cash,) this saver would still face a gigantic shortfall — and need to either more than double her annual savings (not realistic) cut her spending by 45% (also unrealistic) or delay retirement until age 75 (ouch).
