Retirement is coming full circle. It was at a higher figure than it is now until governments relaxed that figure but now it is set to creep back up to an age of years gone by. This is because our ability to cure more and more medical conditions is raising the life expectancy and thus the world’s population is ageing.
In 1949, the average retirement age around the world 64.3 for men but by 1994, it had decreased to 62.5. Those figures were drawn from a study of retirement ages in thirty different countries. The age for private-sector workers to draw full retirement benefits from the national pension scheme is 63. However, that is set to increase with legislation already in place.
Over the last few decades, life expectancy has continued to rise. In 1958, life after retirement was 13.4 years for men but by 2010, that figure had reached 18.5. It is set to rise even further to 20.3
The country with the lowest retirement age is Turkey. It used to be 60 but now that plan has been replaced and the Turkish have to have had contributed twenty five years to receive a pension in full. Therefore, they can retire at 45 if they wish and receive a full pension. Greece is the country with the next lowest retirement age, of 57. That has increased by just 2 years since 1959. There are a few countries which have set the retirement age at 60. Hungary, Luxembourg, Belgium and Korea fall into this category with France 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.