"At what age do residents in all countries around the world retire? Which country has the lowest actual retirement age?"

The official retirement age for residents of most countries is gradually increasing. Although many governments generally expect us to work until 67, the average age at which people actually retire is often lower than you think.

Especially after the impact of the new crown epidemic in 2020 and after long-term work at home, people have paid more attention to the quality of their lives and paid more and more attention to early retirement and early retirement planning.

American Life Insurance Guide©️Use OECD and G20 country statistics^*, Ranked the list of countries/regions with the longest working hours in the world.

Retirement age rankings by countries in the world

1. South Africa: 60 years old

The South African government does not mandate an official retirement age, so people can negotiate the retirement age with their employers.According to data from the South African government service department, South Africans retire at the age of 60 on average.

2. France: 60.8 years old

In France, the average retirement age for men and women is 60.8 years, while the legal retirement age is 62 years. Anyone born after January 1955, 1 must be 1 years old to apply for the full state pension.

3. Greece: 60.85 years old

The average retirement age for Greek men is 61.7 years, while the average retirement age for Greek women is 60 years.As a result, the authorities raised the official retirement age to 2017 in 67-this raised the official retirement age for men by 2 years and the official retirement age for women by 5 years, which triggered mass protests.

In the past, when many Greek citizens in their 50s began to receive pensions, some voters in other European countries or regions were dissatisfied with assisting the Greek government.

4. Belgium: 61.1 years old

The official retirement age for men and women in Belgium is 65, but most people actually retire a few years in advance through early retirement plans. The average effective retirement age for men is 61.6, while women often leave their jobs at 60.5.

The official retirement age in Belgium will be raised to 2025 in 66 and 2030 in 67.

5. Poland: 61.35 years old

Contrary to global trends, the Polish government lowered the retirement age for men from 2017 to 67 and for women to 65 in 60.This approach is closer to Polish reality, because most male Poles actually work until 62.8 years old, while Polish women stop working at 60.6 on average.

In 2018, the government also tried to force 40% of Supreme Court judges to retire by lowering the retirement age.

6. Spain: 61.7 years old

By 2027, Spain’s official retirement age will gradually increase from 65 to 67 years, but the average retirement age for Spaniards is 61.7 years (62.1 years for men and 61.3 years for women).The Spanish government has been under pressure from investors and international institutions to ask people to extend their working hours to cut public spending.

7. Austria: 62.15 years old

In Austria, the official pension age is 60 for women and 65 for men-women tend to work longer than this, with a retirement age of 60.8 years, while men have a shorter working life, with a retirement age of 63.5 years, the average effective The retirement age is 62.15 years.The retirement age of women will be increased between 2024 and 2033 to match that of men

8. Italy: 62.4 years old

The average retirement age for men in Italy is 63.3 years, while women work until 61 and a half years old.For those who have paid in the Italian pension system for at least 38 years, the retirement age has now been reduced to 62 years.

9. Germany: 63.5 years old

German men currently tend to actually retire at 64, while German women retire at 63.6, which is not far from the official retirement age of 65. The official retirement age for those born before 1947 is 65 years, and the official retirement age for those born after that is 67 years.

The Italian government is considering raising the retirement age to 69 in the next few decades to manage Germany's aging population.But so far, there is no specific plan.

10. Denmark: 63.8 years old

The legal retirement age for men and women in Denmark is 65, but it will gradually increase to 2022 by 67 and 2030 by 68.But in fact, the average age of resignation for Danish men is 65.1 years old, while women stop working at 62.5 years old.

The Danish government hopes to reduce the official retirement age for those who have worked in the country for 2022-42 years to 44 from 61.

According to the Mercer Global Pension Index report, the pension systems in Denmark and the Netherlands are among the best in the world.

11. The Netherlands: 63.85 years old

Men and women in the Netherlands can currently quit work at 66, but the actual average retirement age for Dutch people is lower at 4 years (63.85 years for men and 65.2 years for women).

Due to concerns about the cost of an aging population, the Dutch government will gradually increase the official retirement age to 2024 in 67.

12: Finland: 63.85 years old

Finland encourages men and women to receive pensions immediately after the age of 65, but postponing retirement until the age of 68 provides great economic incentives.In reality, the average retirement age of Finns is 64.3 years for men and 63.4 years for women.

13. United Kingdom: 64.15 years old

The current retirement age in the UK is 66, but the average retirement age for men is 64.7 years, while that for women is 63.6 years. In 2018, the age at which women receive pensions rose sharply from 60 to 65 years old. After that, it was stipulated that the age at which both men and women receive pensions increased to 66.

The British government plans to increase the official retirement age to 2039 by 68.

14. Canada: 64.75 years old
15. Australia: 64.8 years old
16. Ireland: 64.85 years old
17. Norway: 65.1 years old
18. Latvia: 65.2 years old
19. Turkey: 65.6 years old
20. Switzerland: 65.7 years old
21. Sweden: 65.9 years old
22. Portugal: 66.95 years old

23. Iceland: 66.95 years old

The life expectancy of men and women in Iceland is the longest on earth, and Icelanders usually work until the age of 67.The retirement age for public sector workers is slightly lower, at 65.

24. United States: 67.2 years old

The average retirement age for men in the United States is 67.9 years and 66.5 years for women, but the rules vary depending on the age of citizens. People born between 1943 and 1954 can fully retire at 66 years old, while those born after 1960 must work until age 67.The retirement age of those born in the middle is gradually raised to 67.Many Americans over 65 have switched to part-time jobs instead of leaving the workforce altogether.

25. Israel: 67.7 years old

Israelis work until 68 years old on average, men work until 69.4 years old, and women work until 66 years old.

26. New Zealand: 68.1 years old

There is no official retirement age in New Zealand, but residents’ pensions start at 65.Statistics indicate that the working age of both men and women is over 65 years old, women retire at 66.4 years old, and men work almost to 70 years old.The residence rules for eligibility for government pensions are also expected to change, and retired residents must reside in the country for at least 20 years instead of the previous 10 years.

27. Chile: 68.35 years old

In Chile, men retire at 70, while women retire at 66.7.Calculated, the average actual retirement age in the country is 68.35 years.However, many Chileans still need to continue to work because the pension system does not provide sufficient funds.

28. Mexico: 68.9 years old

The official retirement age for men and women in Mexico is 65, but early retirement can start at 60.However, the average age at which Mexicans actually retire is much higher, 71.3 years for men and 66.5 years for women.

The reason is because Mexicans need to work and pay a pension for about 24 years in order to receive pensions, but it is estimated that less than one-third of the population is eligible.

29. Japan: 69.95 years old

It is not surprising that the average Japanese work to be close to 70 years old, because their life expectancy is the highest in the world, and the country is already one of the most aging countries in the world.

30. South Korea: 72.3 years old

South Korean residents have the longest working life, at 72.3 years.The average working hours of both men and women are 60 years longer than the official retirement age of 12.

South Korea has the highest poverty rate among the elderly in the OECD, which means they may have to continue working in their later years.

Article summary

This article collates and analyzes the ranking lists of the official retirement age and the actual average retirement age of residents in various countries around the world. We can see that the retirement ages of South Africa and European countries are generally lower, while Japan and South Korea in Asia have the highest retirement ages. s country.

The core factors affecting the choice of retirement are the income and poverty rate of middle-aged and elderly people.If the income after retirement cannot support the retirement life, then the elderly may have to continue to work in their later years.

In countries where pensions and retirements are fully market-oriented, the government encourages residents to formulate their ownRetirement income plan, And provides tax incentives to supplement the basic pension annuities provided by governments of various countries.

If you want to retire earlier, do it as early as possibleSupplementary retirement income planningAnd accumulation is even more essential.

Between 30 and 55 years old, usually usingUSD Life Insurance PolicyA golden period for supplementary retirement income planning.

And for those who are close to the retirement age,Provides stable income cash flow for lifeCommercial pension annuity.May be a more practical choice. (End of full text)

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* "CURRENT RETIREMENT AGES", OECD, 2018, https://www.oecd-ilibrary.org/docserver/pension_glance-2017-9-en.pdf