Retirement Age by Country 2023

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Retirement age by country refers to when statutory workers in a given country are expected to cease working and start enjoying superannuation and other retirement benefits offered by their country.

It differs from one country to another depending on labor supply, life expectancy, the fiscal cost of aging, the nature of the profession, and worker health, among other factors that policymakers use to determine a country's retirement age.

Here are the top four countries with the highest retirement age globally.

Greece, 67

The retirement age for both men and women in Greece is 67 years. However, workers can only claim full pension benefits if they have contributed to the pension plan for at least 15 years (equivalent to 4,500 working days).

A worker can also retire at 62 and get the full pension benefits if they have contributed to the pension plan for at least 40 years (12,000 working days).

In other words, there are certain conditions that retirees must meet to qualify for retirement benefits. The other countries with a retirement age of 67 include Iceland, Israel, and Italy. However, their retirement benefits may differ depending on their governing labor laws.

Denmark, 66.5

The current retirement age in Denmark lies between 66 and 68 years. According to Nordic Cooperation, your retirement benefits are based on the number of years you have stayed in the country from the age of 15 to retirement age or until you are awarded a disability pension or a senior pension.

More specifically, you qualify for a full pension if you have worked and stayed in the country for 40-years. The country also offers a fractional pension to persons who don't qualify for a full pension. Like the full pension, it is calculated based on the duration you have stayed in the country from the age of 15 until retirement.

While calculating, the social system of Denmark excludes all the benefits for any period during which the social system of another country covered you.

The United States, 67

According to US Social Security Administration, the current retirement age in the US is 67 years, for persons born in 1960 and beyond.

If you were born between 1943 and 1954, your retirement age is 66 years, while the retirement age for 1955 is 66 years and two months. From 1955, the retirement age increases progressively by two months each successive year until 1959.

You would qualify for the retirement benefits if you attained the minimum retirement age. On the same note, claiming your retirement benefits before the retirement date (at 62) automatically reduces the benefit amount.

Ireland, 66

According to the state pension, the current retirement age in Ireland is 66 years. Upon retirement, you are entitled to the country's contributory pension if you have sufficiently paid the compulsory PRSI contributions while still employed.

If you are not eligible for the contributory State pension and your income does not exceed a certain level, you can benefit from the country's non-contributory state pension.

Retirement Age by Country 2023

Retirement Age by Country 2023