Half of all Americans retire between the ages of 61 and 65, while 18% retire even earlier, according to data from the LIMRA Secure Retirement Institute. And by the age of 75, 89% of Americans are fully retired from the workforce. Many Americans decide to put off retirement by a few years because they want to add to their nest egg to live comfortably or they didn’t start saving early enough to build a solid retirement fund. Although some Americans struggle with determining when to retire, other retirees from around the world are leaving the workforce at different ages. Read on below to find out some of the retirement ages from around the world.
Americans retire eight years later than workers in China, according to Aperion Care, a site that shows the official and average retirement ages across the world. The average retirement age in China is 55, which makes it the second-lowest age for retirement. But China has future plans to gradually raise the retirement age because people are living longer, healthier lives. The challenge is also meeting the demands of the growing aging population that need to be supported for more years. About 15% of the population is of retirement age or above, which also creates an unbalanced labor population.
In Australia, the Productivity Commission released a report in 2013 that suggested that the country should raise the retirement age from 65 to 70. According to the report, Australians would benefit from this age increase in retirement because it will allow them to deal with the rapidly growing aging population and national pension disbursement. About 13.5% of the Australian population is over the age of 65, which is the fastest-growing age group in Australia. The study also shows that many retired Australians relocate to other countries like New Zealand, Greece, and Italy. Currently, there are about 77,000 Australians living in these three countries and receiving their pension checks overseas.
The official retirement age in Russia is 57.5 years with about 13% of the Russian population 65 or older. When broken down by gender, men typically retire at the age of 60, while women retire at the age of 55. With a larger retiree population, many Russians don’t retire at 57.5 because they have family obligations, limited opportunities, and insufficient savings that keep them in the workforce longer in order to make a living.
Since the 1970s, Norway has had the official retirement age set to 67. Although the country has no future plans to raise the retirement age due to residents choosing to work later, Norway does allow them to draw pensions as early as the age of 62 because of a program called “flexible retirement,” which provides earnings-related pensions. About 16% of the Norwegian population is over 65. Many also choose to retire abroad in countries like Sweden, which is the most popular retirement destination, followed by the United States, Denmark, and Spain. According to data, the number of retired Norwegians who relocate went from 30,000 in 2009 to 50,000 in 2013.