How the US retirement age compares with rest of world

The climbing age of the world’s population is putting increasing pressure on governments—especially those in Western countries, where the increases are more evident—to update their pension systems to match the demographic change.

Countries like France have sought to ease the funding burden by raising the retirement age, despite sparking huge backlashes from voters. When the country passed a law last year raising the retirement age from 62 to 64—along with the caveat that the retiree must have worked at least 43 years—protests popped up nationwide to speak out against the deeply unpopular move.

Other countries, like the U.S., are still looking for ways to fix their outdated pension systems. The Social Security program—which at its origins could count on a much smaller pool of retirees and a better balance between pensioners and workers—is expected to cut benefits for the recipients should its trust funds be depleted by 2033, as the Social Security Board of Trustees warned of in 2021.

While the program isn’t likely to go bankrupt, like some have feared, the reductions in benefits for recipients could be significant. Whatever solution the U.S. seeks, it would have to come via action in Congress.

The uncertainty surrounding the future of Social Security, as well as the spike in the cost of living in the past couple of years, have contributed to the decision by many Americans aged 65 and above to postpone retirement and keep working.

A recent Pew Research Center report found that roughly one in five Americans aged 65 and older were employed last year—nearly twice as many as those that were working some 35 years ago.

On the other hand, the latest American Association of Retired Persons (AARP) Financial Security Trend Survey found that one in four American workers aged 50 and above believe they’ll never retire, as they express worries about their finances and being able to save enough to stop working.

American workers already retire later than those in most European countries—and considerably later than those in countries like India and Indonesia, which have some of the youngest average retirement ages in the world.

Here’s a list of the effective retirement age in a selection of countries across the world based on the average age of exit from the labor force for workers aged 40 or older. The numbers are based on Organization for Economic Cooperation and Development data and 2020 data reported by Statista, but include updates for countries which have recently increased their retirement age.

Age 58: Indonesia

In Indonesia both men and women can currently retire at the age of 58, according to the OECD. The retirement age will increase by one year every three years until it reaches 65 in 2043.

Age 60: China, India, Russia, South Africa, Turkey

Most men in China are eligible to retire at age 60, unless they work some specific physical labor-heavy job which allows them to retire as early as at age 55. Women working white collar jobs are eligible to retire at age 55, while those working blue collar jobs can retire at the age 50. Women doing heavy physical labor can retire at the age of 45.

In India, both men and women working in the private sectory typically retire between 58 and 60 years old. In Saudi Arabia, men and women can retire with full pension benefits at the age of 60.

In Russia, men can retire at 60, while women can retire at 55. In Turkey, men can retire at 60 while women can retire at the age of 58. Both men and women in South Africa can retire at 60.

Age 62: Colombia

In Colombia, men can retire at age 62 and women at age 57.

Age 63: Czechia

In Czechia, the retirement age is currently 63 years and 10 months for men and women without children. Women with children have lower retirement ages depending on the number of children, writes the OECD. The retirement age will gradually grow by two months per birth cohort, people born in a specific time period, until reaching age 65.

Age 64: Estonia, France, Latvia

In Estonia and Latvia the retirement age is currently 64 years and 6 months for both men and women. In Estonia it will gradually increase to 65 by 2026, while in Latvia it will increase by three months every year until it reaches 65 on January 1, 2025.

In France, the retirement age is 64, as mentioned above, as long as the retiree has worked at least 43 years.

Age 65: Argentina, Austria, Brazil, Belgium, Canada, Chile, Hungary, Japan, Mexico, Poland, Switzerland

In Argentina, Austria and Chile, the basic pension age is 65 for men and 60 for women. In Austria, the retirement age is expected to gradually increase for women until it reaches 65 by 2033. In Brazil, the retirement age is 65 for men and 62 for women.

In Belgium, Hungary, Mexico, Poland and Switzerland, it’s 65 for both men and women. Canada will be increasing its retirement age from 65 for men and women to 67 by January 2029.

In Japan, people can retire at the age of 65 with a minimum of 10 years of contributions. For full benefits, they must have 40 years of contributions.

Age 66: Denmark, Germany, Ireland, Portugal, Spain, U.K.

While the retirement age in Denmark is currently 66, the country plans to increase it to reach 68 by 2030 and 69 by 2035. Germany will bring it up to 67 by 2031. Ireland was expected to bring up the retirement age to 67 in 2021 but the government reversed the change.

In Portugal the official retirement age is 66 and 5 months. The government plans to gradually increase the retirement age so that it reaches 67 in 2029. In Spain the current pension age is 66 years and two months but it will increase to 67 years in 2027.

Both men and women in the U.K. can currently retire at age 66, but the retirement age will increase to 67 and eventually to 68 for those born after April 5, 1960.

Age 67: Greece, Iceland, Israel, Italy, Netherlands, U.S.

In Iceland, the normal retirement age is 67 though the pension can be claimed from 65. In Israel, men can retire at age 67 and women at age 65. In Italy, the old-age pension requirement is 67 years with a minimum of 20 years of contributions. In Greece, both men and women must wait until being 67 and having at least 4,500 days of contributions (roughtly 15 years) to retire.

In the Netherlands, the pension age became 67 in 2024, up from 66 and four months in 2020 and 65 in 2018. In the U.S., the full retirement age is 66 for those born between 1943 and 1954 and 67 for those born in 1960 and later.

Do you fear you’ll never be able to afford to retire? Let us know. Contact g.carbonaro@newsweek.com