ATLANTA (CBS ATLANTA) -
A new report suggests countries around the world need to raise the retirement age as people continue to live longer.
The Organization for Economic Co-operation and Development said that by 2050, the average woman and man can expect to live roughly 24 and 20 years beyond retirement age respectively, up from 20 and 17 years in 2010.
At the same time, retirement ages across many countries have stayed the same.
According to CNN Money, Social Security has already begun paying out more in benefits than it takes in from workers' payroll taxes.
The trustees of the Social Security program reported in April that the program projects a $165 billion deficit in 2012. Social Security could pay promised benefits in full through 2033, the report said.
If you would like to read the full report click here.
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