A spokesperson for the Marshall Islands social security programme says the administration wants to see an immediate law change to improve the retirement fund.
An audit report, which has been given to the nation's parliament, suggests the programme will be bankrupt in ten years if new laws aren't passed to revamp the fund.
The report, by Deloitte and Touche LLP, says the fund has had to withdraw money from its investments to meet retirement payments.
The chief financial officer of the Social Security Administration, Raquel De Leon, says they are in trouble because there has been no major change in taxes for several years but benefit payments continue to increase.
She says they will suggest a number of changes, including raising the retirement age from 60 to 65.
"There are several proposals to get rid of the annual deficit that is either to increase the tax rate, have a benefit cut and increase the retirement age. Those are just a few of the changes being proposed."
Raquel De Leon says the exact detail of the changes are still being determined but the proposals should be given to the Government this month.
