Different Retirement Ages Around The World

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One of the things many of us think about is when we can retire. Unfortunately for the younger generation, this time may be further away than we would like. Retirement ages do differ depending on where you are in the world though and even depend on your gender. However, the age of retirement across the globe is getting later and later, and this is all to do with our increased life expectancy. So, read on to find out more about when you can retire.

  • The average age of retirement is 65
  • Retirement age increases with a life expectancy
  • Life expectancy varies quite a bit, depending on where you are located geographically

Retirement age is getting further away

You may have noticed that there’s an increasingly older population around the globe, and that’s because we are living longer. While this does sound great, to support this growing older population, people will have to work a lot longer. The length of time you’ll need to work before retiring depends on the country too, but most are increasing these ages within the next few years, which means it’s only going to get later as time goes on, so keep an eye open for future updates regarding the matter!

Many countries are planning on increasing their retirement age by about a year. However, some, such as Russia, have plans to jump the age up by about five years in the coming years. These are impressively large jumps so you may want to get thinking about your future, where you’ll want to be living, and whether something like assisted living Orange County is the way you will need to go to enjoy your retirement in later years, when you may not be able to support yourself. In other words, make money as long as the opportunities are still there, save up, and you could be living a cushy life later on.

Gender plays a role

On top of the increasing life expectancy, gender plays a large role in when you can retire. For most countries around the world, you’re going to be able to retire a lot sooner if you’re a woman. For instance, if you’re in Denmark, men retire at 67, but women can retire at 66. It may not be much, but it can make all the difference later on in your life. Other countries have much larger retirement age gaps between the genders. Depending on the nation itself, retirement age might not be voluntary for women either. What that means is that while in most democratic nations, men and women can choose to retire before they reach their maximum retirement age, women may still have to retire earlier than men because they have a shorter maximum retirement age than the men.

Poland, for instance, has a five-year gap with women able to retire at 60, but men not until they’re 65. However, a growing number of countries are starting to implement a same-age retirement plan. Countries that do this include the UK with all retirees needing to reach 65. Other countries that follow this include Italy, Ireland, Greece, Germany, and France. However, their actual retirement ages all widely vary. None of this means that you can’t retire early. However, you need to plan for it, if you do decide to take that route. With a solid retirement plan n place, it is possible to retire and enjoy life, while you are still relatively young.

Where do you live?

If you want to retire at an early age, then you may want to take a look at the countries specifically. Some countries such as Greece and Norway, have some of the highest retirement ages out there at 68 and 75, respectively. Australia, on the other hand, has one of the lower rates of 58 and surprisingly, this is for men – women retire at an impressive 66, which is the same as everyone in the US. Plan carefully though, and really, you can retire when you want. As for now, we will now take a closer look at what the retirement ages are for the different nations specifically, while keeping the gender difference in mind as well, if and where they exist.

Albania

In Albania, men retire at 65, while women must retire by the age of 61. That’s one of the largest gaps between the retirement age of men and women in the modern world, but it’s not the highest, as you will see next.

Argentina, Austria, Cuba, Iran, North Korea, and Montenegro

Wikimediacommons

Although there are plenty of other nations such as Kazakhstan, Israel, Georgia, etc. that also maintain a five-year gap in between the maximum working age for men and women, these six were specifically mentioned because they are located in five different parts of the world, and serve to highlight the fact that gender bias is still impacting a woman’s retirement age across all sections of the planet. Check out the retirement age for both men and women in these six nations below.

  • Argentina – Men retire at 65 and women retire at 60
  • Austria – Men retire at 65 and women retire at 60
  • Cuba – Men retire at 65 and women retire at 60
  • Iran: Men retire at 60 and women retire at 55
  • North Korea: Men retire at 60 and women retire at 55
  • Montenegro: Men retire at 65 and women retire at 60

China

As far as gender inequality in between the retirement ages of men and women are concerned, no other nation that allows their women to work comes even close to China! Apparently, the average retirement age for men in China is 60, while that for women is 50. In some private firms, the age gap is closed somewhat by extending a Chinese woman’s maximum work age by five years, to 55.

This post would be unnecessarily long if we were to mention the retirement ages in every one of the 193 nations which maintain their sovereignty around the world today. Besides, almost all nations fall within the few retirement age groups that we have listed so far, which means that they share the same retirement age criteria as the ones already mentioned. In nations such as Japan (60), Norway (67), Libya (70), UK (67), US (62-67), and other nations with relative gender equality at work, the retirement age is the same for both male and female workers.

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