1 / 14The average retirement age varies significantly from country to country across the globe, influenced by a myriad of factors such as labour supply, life expectancy, and fiscal considerations. A look into the intriguing world of retirement policy highlights countries that have set their retirement bar high, as employees start their golden years later compared to other countries. These nations seem to believe in the saying "age is just a number" and their citizens continue to contribute actively to society well into their twilight years. (Image: Reuters)
2 / 14In India, the retirement age is 60 years for those donning the mantle of public service. Government employees, be it civil servants, teachers, or healthcare professionals, embark on their post-retirement adventures at this juncture. In the private sector too, the magic number is between 58 and 60 years. However, India is not included in the list of highest retirement ages across the world as there are several countries where the retirement age is above 65 years. Let's take a look at the countries with the highest retirement age. (Image: Reuters)
3 / 141. Iceland: The average pension age in Iceland is 67 years, while 40 years of residency is required for a full basic pension. Also, the pension age is 67 for the private sector employees, except for seamen (60 years). In Iceland, the working class is required to be members of a pension fund and pay a specific percentage of their wages. The contribution rate is 11.5% for employers, while employees have to pay 4%. (Image: Reuters)
4 / 142. Israel: According to the Organisation for Economic Co-operation and Development (OECD), the senior citizen benefit age in Israel has been increased from 65 to 67 years for men and from 60 years to 62 years for women, since 2004. Eligible residents get the senior citizen benefit from the National Insurance Institute once they reach the required age. (Image: Reuters)
5 / 143. Norway: In Norway, the general retirement age is around 67 years. Since 2011, the public pension scheme introduced a flexible retirement for the age group 62-75 years based on actuarial neutrality. (Image: Reuters)
6 / 144. Netherlands: In 2020, the basic old-age pension in the Netherlands was payable from the age of 66 years and 4 months. However, the statutory pension age was gradually increased to 67 years in 2024. While there is no statutory obligation for employers to offer a pension scheme to their employees, the industrial-relations agreements show that around 90% of employees are covered. (Image: Reuters)
7 / 145. Australia: The average retirement age in Australia is around 66 years for both men and women, while the minimum age to withdraw superannuation benefits is 55 years for those born before July 1, 1960. However, it increases gradually for people born after this date, so that the minimum age is 60 for people born after 30 June 1964. (Representational image: Reuters)
8 / 146. Ireland: Residents are eligible to avail of state pension from the age of 66 years. Earlier, the qualifying age was slated to be increased to 67 in 2021, but legislation repealed this decision pending a review from the Commission on Pensions, which has been set up by the government to examine sustainability and eligibility issues in pension arrangements. (Representational image: Reuters)
9 / 147. United Kingdom: The state pension age in the United Kingdom is currently 66 years for both men and women. It is expected to rise to 67 years by 2026-28. As per OECD, the standard minimum state pension is £177.10 for a single person and £270.30 for couples. (Representational image: Reuters)
10 / 148. United States: In the US, the normal retirement age is 66 years and 8 months for people who are aged 62 in 2020, and will increase to 67 years for those aged 62 in 2022, OECD stated. The eligibility for retirement benefits in the US depends on the number of years in which contributions are made, while the minimum requirement is 10 years. (Representational image: Reuters)
11 / 149. Germany: At present, Germans get their regular old-age pension from 65 years and nine/ten months -- depending on the person's year of birth -- with a minimum of five years’ contribution. Those having less than five years’ contributions are not eligible for any benefit. (Representational image: Reuters)
12 / 1410. Denmark: The public retirement in Denmark is currently around 66 years and is expected to increase gradually to 68 years in 2030. To avail of a full public old-age pension, a person is required to have 40 years of residence. (Representational image: Reuters)
13 / 1411. Portugal: In this southern European country, the normal age of retirement was 66 years in 2014-2015 and increased to 66 years and 5 months in 2019-20. Besides the regular old age pension, people also get an additional amount equal to their monthly pension every year in July and December. (Representational image: Reuters)
14 / 1412. Meanwhile, in countries like Austria, Belgium, Canada, Chile, Finland, Japan, Mexico, New Zealand, Poland, Spain, Sweden, Switzerland, Argentina, Croatia, Cyprus, and Romania, the average retirement age is 65 years. (Image: Reuters)
