German Chancellor Friedrich Merz has voiced support for a proposal to gradually increase the retirement age to 70 by 2090, following recommendations from a panel of experts tasked with reviewing the country’s pension system. The panel’s report, released Tuesday, cited increasing life expectancy as justification for the phased increase. Merz emphasized the plan aims to prevent the collapse of the pension system and ensure intergenerational fairness. Experts also suggested investing mandatory employer and employee contributions into the stock market to bolster the pension fund’s value. Germany is currently scheduled to raise the retirement age to 67 in the early 2030s, and faces financial strain on its pension system due to a rapidly aging population, similar to other developed nations. The proposed reforms require parliamentary approval and address a system originally established in 1889 by Otto von Bismarck. Recent data indicates that approximately 23% of Germany’s population is over 65, a significant increase from 15% in 1991.