Proposal for Early Retirement Age Presented

The Pakistani government is considering a proposal to lower the retirement age for civilian employees to 55, which has reportedly met with resistance from the bureaucracy and has not yet been approved by the Prime Minister. This proposal is part of a broader discussion influenced by the IMF, which also suggests including serving employees in the Contribution Pension Scheme and restoring the Federal Secretariat Allowance. Meanwhile, in the U.S., individuals turning 62 in December 2024 can qualify for a maximum Social Security benefit of $2,710, depending on their earnings history and retirement timing. The Social Security Administration is set to adjust retirement ages, with those born in 1959 needing to wait until 66 years and 10 months for full benefits. Additionally, a new retirement insurance product, InLife Retire Assure in the Philippines, aims to provide stable monthly income for retirees, addressing the financial insecurity faced by many in retirement. As retirement planning evolves globally, these developments underscore the importance of strategic financial preparation for future retirees.