Retirement Age by Country 2025

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.

Libya, 70

In Libya, people retire later than anywhere else in the world, with the retirement age set at 70 for both men and women. This means many Libyans continue working well into their golden years, contributing their skills and experience to the economy. While this policy helps keep the workforce strong, it also raises questions about how older workers balance their health and well-being with their jobs.

For comparison, most countries have retirement ages between 60 and 65, giving people more time to enjoy life after work. In Libya, where the average life expectancy is around 73 years, retiring at 70 leaves just a few years for rest and relaxation, making it a decision that sparks plenty of debate.

Italy, Australia, Netherlands, Greece, Denmark, Iceland, 67

These six countries share the second place on the list of countries with the highest retirement age in the world: Italy, Australia, the Netherlands, Greece, Denmark, and Iceland.

In Italy, the retirement age is set at 67 for both men and women, reflecting the country’s efforts to sustain its pension system amid an aging population. Italians benefit from one of the most generous pension schemes in Europe, but the system faces financial strain as life expectancy increases. Despite the late retirement age, Italians enjoy an average life expectancy of around 83 years, giving retirees some time to enjoy their post-work lives.

Australia’s retirement age of 67 applies equally to men and women, marking a gradual increase from the previous age of 65 to accommodate a longer-living population. Australians are encouraged to supplement their pensions with superannuation savings, ensuring financial security in retirement. With an average life expectancy of 84 years, many Australians have nearly two decades to enjoy life after work.

In the Netherlands, the retirement age is 67 for both men and women, linked to life expectancy trends to ensure the sustainability of the country’s pension system. Dutch retirees often benefit from a combination of public pensions and occupational schemes, which provide a comfortable retirement income. With an average life expectancy of 82 years, the retirement age reflects a balance between longer working lives and time to enjoy retirement.

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, retirees must meet certain conditions 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.

The current retirement age in Denmark is also 67 years, for both men and women. 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 the person.

Iceland’s retirement age is set at 67 for both men and women as well, reflecting the country’s emphasis on maintaining a strong and active workforce. Many Icelanders choose to keep working beyond the official retirement age, thanks to the nation’s robust health and high life expectancy of around 83 years. The Icelandic pension system combines public and occupational pensions, ensuring financial stability for retirees while promoting flexibility in how they transition out of the workforce.

The United States, just under 67

According to the 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.

It is of note that in Spain and Portugal the retirement age is just slightly lower – at 66.5 and 66.3, respectively, for both men and women.

Ireland, 66

According to the state pension, the current retirement age in Ireland is 66 years. Retirees are entitled to the country’s contributory pension if they 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.

Ireland ties with Germany, the United Kingdom, and Taiwan for a high spot on this list, as the retirement age for both men and women in these countries is currently also 66.