After decades of a lax social security system, Brazil is finally reforming the program to benefit older citizens — and some hope it could bolster the country’s economy as a whole.
The pension system is affecting the country’s economy, leaving less money for other important social programs, such as education and public security. Less than 10% of the population is over 60 years old, and yet Brazil spends 14% of its current gross domestic product on its pension.
Retirement across the globe has changed. In the U.S. Only a few decades ago, it was common to retire around 65 and collect Social Security for a few years before passing away. Now, Americans — and most others around the world — can expect to live longer, healthier lives, and they may want or need to work during a part of this chapter.