As people continue to live longer, countries are racing to keep up by increasing the eligibility age for retirement.
The move has caused severe backlash in countries like France, where the age to collect a pension was pushed from age 62 to 64 last year. French President Emmanuel Macron at the time argued that the move was critical to keep the country’s pension system secure as the French population aged.
Meanwhile, across the water, Brits were calling for a lower retirement age in the UK. A survey by UK-based investment comparison site Investing Reviews had surveyed over 2,000 Britons on their attitudes over retirement, finding that 69% believed the retirement age should be cut from its current onset of 66 years-old.
In the U.S., lawmakers continue to consider appropriate measures to eliminate potential Social Security insolvency by 2034, with even some suggesting raising the full retirement age (FRA). Currently, Americans can take Social Security benefits at 62, with the FRA being 66 or 67 based on their date of birth.
As countries consider the future of their pension and pension-like programs, data from Statista and the Organization for Economic Cooperation and Development (OECD) examined how each country measures up with their retirement age. The research breaks down data into two parts—current and effective ages. The first describes the age in which participants can retire after beginning their career at age 22, while the latter is the average age that workers retire.
Below are the countries with the earliest to latest current retirement ages, considering the data from the OECD along with updated figures:
67 years
Countries with the latest ages reside within Europe and North America, as workers in Greece, Iceland, Israel, Italy, and the U.S. can all retire after the age of 67.
While each country has a set age of 67, Italians must also have at least 20 years of contributions in their funds, while those in Greece need to accumulate 4,500 days’ worth of contributions.
However, workers in Greece with a contribution record of 12,000 working days, or 40 years, can retirement with a full pension benefit at the age of 62, according to the OECD.
66 years
Workers in Denmark, Germany, Ireland, Netherlands, Spain, and the U.K. can all retire within the age of 66.
While each country’s current age is 66, several plan to raise it within the next 10 years, and some will more than twice. Denmark confirmed an increase in its retirement age to 68-years old in 2030 and will raise it again to age 69 in 2035.
On the other hand, Germany will gradually increase its retirement age to 67 by 2031, while Spain will raise it to 67 in 2027.
65 years
Likely the most popular retirement age among countries, Argentina, Austria, Belgium, Canada, Chile, Finland, Hungary, Japan, Mexico, Portugal, Sweden, and Switzerland all allow their workers to retire starting at 65. These numbers are a bit lower for women in Argentina, Austria, and Chile, at 60 years old.
Early 60s
Brazil, Estonia, France, Latvia, the Czech Republic, Colombia, China, India, Russia, South Africa, and Turkey all allow workers to receive their pensions or retire in their early 60s.
Brazil holds a current retirement age of 62 for women and 65 for men, with 15 years of contribution for women and 20 years for men.
While Estonia currently has a pension age of 64 years and six months for men and women, this age will increase to 65 by 2026.
France recently changed the age to receive pensions to 64 last year, after much backlash from its public.
Latvia has a retirement age of 64 and 6 months and is expected to increase to 65 in January 2025.
The Czech Republic has a current retirement age of 63 years and 10 months and will gradually increase its age by two months until it reaches 65.
Colombia and Russia have among the youngest retirement ages, at 62 for men and 57 for women. It’s still not as young as China, however, where workers can receive their pension at age 60 for men, 55 for white-collar women and 50 for women who work labor-intensive jobs.
India, South Africa, and Turkey all have a retirement age of 60, while women in Turkey can retire at 57.
58 years
As the country with the youngest retirement age, Indonesia will increase its age by one year for every three years, until it reaches 65 in 2043.
SEE ALSO:
- GOP Committee Proposes Increasing Social Security Retirement Age for Future Generations
- Macron Raises French Retirement Age to 64 Despite Strong Opposition
- Most Brits Believe UK Retirement Age Should Be Lowered: Survey