The retirement age of a nation is the age at which its statutory employees are required to stop working and begin receiving their superannuation or other retirement benefits.
Policymakers employ a variety of considerations, including labour supply, life expectancy, the economic cost of ageing, the nature of the profession, or worker health, to establish a country’s retirement age, which varies from one to the next.
Find out which four nations have the world’s highest retirement ages.
In Greece, both men and women may retire at the age of 67. However, employees who have invested in the pension plan for at least 15 years are eligible for the maximum benefit payout (equivalent to 4,500 working days).
If an employee has paid into their pension plan for at least 40 years, they may retire at age 62 and get full benefits (12,000 working days).
That is to say, retirees must complete certain requirements before they may collect their retirement benefits. The retirement age of 67 is shared with Iceland, Israel, and Italy.
In contrast, the retirement benefits they get may vary from one country to the next based on the employment regulations in effect.
Currently, Danes may retire between the ages of 66 and 68. Retirement benefits in the Nordic Cooperation countries are calculated according to the number of years you have lived in the region between the ages of 15 and retirement, or until you reach the age of eligibility for a disability or senior pension.
If you have worked and lived in the nation for 40 years, you are eligible for a full pension. Those who do not meet the full pension requirements might still get a pension from the government, albeit a smaller one.
It, too, is determined by how long you have lived in the nation from the time you turned 15 until you retire.
If you were injured by another country’s social security system at any point, those payments will not be included against your Danish benefits.
The United States, 67
The current retirement age in the United States, as set by the Social Security Administration, is 67 for those born in 1960 and after.
It is 66 years old if you were born between 1943 and 1954, and 66 years and two months old if you were born in 1955. From 1955 through 1959, the retirement age would rise by two months annually.
To get retirement benefits, you must have reached the mandatory retirement age. In a similar vein, your retirement benefits will be reduced if you start receiving them before you turn 62.
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The official retirement age in Ireland is 66 years old as of the start of the 2018 pension year. If you worked in the nation long enough and contributed enough to PRSI, you will be eligible for the country’s contributing pension when you retire.
Those who do not meet the income requirements for the contributing State pension are nevertheless entitled to the non-contributory State pension.
|Papua New Guinea||10142.6190|
|United Arab Emirates||9441.1290|
|Republic of the Congo||5970.4240|
|Central African Republic||5579.1440|
|Bosnia and Herzegovina||3233.5260|
|Trinidad and Tobago||1531.0440|
|Sao Tome and Principe||227.3800|
|Saint Vincent and the Grenadines||103.9480|
|United States Virgin Islands||99.4650|
|Antigua and Barbuda||93.7630|
|Isle of Man||84.5190|
|Northern Mariana Islands||49.5510|
|Saint Kitts and Nevis||47.6570|
|Turks and Caicos Islands||45.7030|
|British Virgin Islands||31.3050|
|Wallis and Futuna||11.5720|
|Saint Pierre and Miquelon||5.8620|