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January 14, 2025 | 05:24 pm
TEMPO.CO, Jakarta - Retirement age varies by country as it’s widely linked to life expectancy. In the past few years, many countries like France and China were seen to review their retirement age policies, with both receiving contrasting reactions from the public.
While the United Nations Population Division mentioned the anticipated increase of global life expectancy to 76 by 2050, the raise of retirement age might pose some challenges to lower and middle-income individuals.
In this article, we’ll discuss the retirement age by country and why it matters, as cited from the US News.
Why Does Retirement Age Matter?
Aside from its impact on the labor market, retirement age can also affect the benefits one receives. In the United States, retirees of ages 66 or 67 are eligible to collect assistance aid from Social Security once they reach the retirement age.
For context, the United States has a full retirement age, also known as FRA, ranging from 65 to 67. While individuals can apply for Social Security aid as early as 62 or before their official FRA, the benefits will be reduced. On a similar note, working while receiving Social Security benefits will also lower the overall benefit amount.
In contrast, delaying Social Security benefits until you reach 70 will increase the amount by 8% every year. Therefore, it has become an issue for many families to apply for early retirement, as most can’t risk receiving discounted Social Security benefits. Moreover, Medicare will only be available once retirees are 65 years of age.
In some similar cases, retirement age matters a lot because it defines the exact age citizens could receive government funds. Regardless of the countries, numerous families heavily rely on their retirement accounts, so raising the retirement age might only prolong their working periods.
List of Retirement Age by Country
According to the comprehensive data published by the OECD in 2021, the current retirement age refers to the age at which individuals can retire without penalty to pension after completing a full career from age 22. Following this framework, Iceland and Norway are mentioned with the highest retirement age, with the current recorded at 67.
The landscape of retirement age in various countries is varied due to a multitude of factors, such as economic conditions, differences in career start, health conditions, as well as market demands and policies. Some workers choose to retire early due to the lack of available jobs, risking a smaller amount of pension or Social Security benefits.
The data demonstrates a clear discrepancy between different countries. While European countries, the United States, and Canada have more workers retire earlier than the minimum retirement ages on average, many Asian countries like India, South Korea, and China, whose official minimum retirement ages are in the early 60s and late 50s, have workers stay into their late 60s.
Here is the full snapshot of the current trend of retirement age by country, with the minimum age to receive pension benefits in 2024, according to the World Population Review:
- Saudi Arabia - 58
- Turkiye - 60
- Indonesia - 59
- India - 60
- China - 60
- South Korea - 60
- Italy - 67
- Japan - 64
- Canada - 65
- Finland - 65
- France - 62
- New Zealand - 65
- Denmark - 67
- Netherlands - 67
- Ireland - 66
- Germany - 66
- United Kingdom - 66
- United States - 66
- Iceland - 67
- Norway - 67
Retirement age by country landscape remains a critical topic as they intertwine with global economic stability, labor market dynamics, and social security systems. If you are of the retirement age and are currency looking for investments, head to these best countries to retire in 2025.
Editor’s Choice: Top 10 Best States to Retire in the United States for 2024
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