Retirement Ages Around the Globe
There are numerous countries which are reconsidering increasing the age of retirement. In some countries, however, this is a case of simply reverting to an earlier time when retirement was set at a higher age anyway. This is to accommodate a globally ageing population, as human life expectancy continues to increase and our ability to cure more and more medical conditions continues to grow.
In 1949, retirement age was at 64.3 for men. Since then, however, in more lenient times, we have seen it drop in 1994 to 6.5. These statistics were drawn from surveys with thirty countries. It is set to rise slightly for those in the private sector to be able to receive full retirement benefits, at 63 years old.
Life expectancy is a huge factor when setting retirement age and thanks to science, this is a rising statistic. The figure lied at 13.4 years after retirement in 1958 and had reached 18.5 by 2010. A further increase with a figure of 20.3 years is expected.
Turkey has the lowest retirement age. It was already low at 60 but that has now been abolished in favour of a new system which sees those eligible for retirement after they have contributed 25 years of work. So, if they have worked from 20 to 45, they are eligible for a full pension. Next on the list is Greece which has a retirement age of 57. Since 1959, that figure has only increased by 2 years. There lies a number of countries with a retirement age of 60 such as Belgium, Luxembourg, Korea and Hungary. France has retirement at 60.5.
The oldest retirement age lies in Iceland and Norway at 67. Denmark is set to adopt the same figure in 2030 and Italy, 65 in the same year with legislation in place for both of those changed to occur. Third is the US, just one year behind with 66. The UK is the country with who have the oldest projected retirement age by 2050 at 68 years old.
In 1949, retirement age was at 64.3 for men. Since then, however, in more lenient times, we have seen it drop in 1994 to 6.5. These statistics were drawn from surveys with thirty countries. It is set to rise slightly for those in the private sector to be able to receive full retirement benefits, at 63 years old.
Life expectancy is a huge factor when setting retirement age and thanks to science, this is a rising statistic. The figure lied at 13.4 years after retirement in 1958 and had reached 18.5 by 2010. A further increase with a figure of 20.3 years is expected.
Turkey has the lowest retirement age. It was already low at 60 but that has now been abolished in favour of a new system which sees those eligible for retirement after they have contributed 25 years of work. So, if they have worked from 20 to 45, they are eligible for a full pension. Next on the list is Greece which has a retirement age of 57. Since 1959, that figure has only increased by 2 years. There lies a number of countries with a retirement age of 60 such as Belgium, Luxembourg, Korea and Hungary. France has retirement at 60.5.
The oldest retirement age lies in Iceland and Norway at 67. Denmark is set to adopt the same figure in 2030 and Italy, 65 in the same year with legislation in place for both of those changed to occur. Third is the US, just one year behind with 66. The UK is the country with who have the oldest projected retirement age by 2050 at 68 years old.
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