Maps show retirement age by US state—And around the world

Retirement is one of life’s watershed moments and is likely coming at you faster than you think. Newsweek looked at retirement ages around the world and spoke with experts on how to get the most out of The Golden Years.

Retirement ages vary significantly worldwide, reflecting economic and social policies tailored to each country’s workforce and life expectancy. Next year, China will raise its retirement age, currently one of the lowest among major global economies, as part of an effort to tackle its declining population and aging workforce.

In 2024, retirement ages globally reflect a mix of economic, demographic, and social policies.

Here’s a look at retirement ages in the United States:

In the U.S., the average retirement age nationwide is 64, with state averages ranging from 61 to 67 years.

This marks a significant shift from previous decades when Americans typically exited the workforce earlier.

The gradual increase in the retirement age is influenced by various factors, including longer life expectancies, changing financial needs, and adjustments to Social Security benefits. Many Americans are finding it necessary to extend their careers to secure adequate retirement savings and maintain their standard of living.

As the cost of living rises and healthcare expenses grow, staying in the workforce longer has become a practical decision for many older Americans.

Chip Lupo, WalletHub Analyst, told Newsweek: “It’s important to choose wisely when picking where to retire, as many retirees are on a fixed income. As a result, the best cities for retired people are those that minimize taxes and expenses, as well as have good opportunities for retirees to continue paid work for extra income if they choose to do so. In addition, the top cities provide high-quality health care and offer plenty of enjoyable activities for retirees.”

The retirement age in the U.S. is typically governed by Social Security rules at the federal level rather than by individual states.

The full retirement age is 66 years and 2 months for individuals born in 1955, and it will gradually increase to 67 for those born in 1960 or later. Early retirement will still be an option starting at age 62 but with a greater reduction in benefits. Benefits claimed at age 62 will be reduced to 70 percent of the full amount, and benefits claimed at age 65 will be reduced to 86.7 percent of the full benefit.

Retirement Ages Worldwide

Globally, Libya tops the list with the highest retirement age at 70 for both men and women.

Countries like Greece and Iceland have a retirement age of 67, in line with increasing life expectancies and longer working lives.

Many European nations hover around this range. The United Kingdom, for instance, has set the retirement age at 66, but discussions surrounding retirement age suggest that this could rise further in the coming years as governments respond to aging populations and pension sustainability concerns.

On the other end of the spectrum, Sri Lanka features the world’s lowest retirement age, at 55. A few other countries, primarily in the developing world, have similarly lower retirement ages due to differing life expectancy and workforce dynamics.

Several countries have begun implementing gradual changes to retirement ages, reflecting global trends toward extending working years. Japan and Denmark, for example, are increasing their retirement ages to 65 and beyond, ensuring pension systems remain viable as populations age.

Here’s a look at worldwide retirement ages:

This global variability in retirement ages is influenced by factors such as economic stability, healthcare quality, and demographic shifts.

Countries with higher life expectancy or aging populations are increasingly pushing for later retirement to sustain pension funds, while others with younger populations or economic challenges maintain lower retirement ages.

The trend of rising retirement age is expected to continue, particularly in countries with advanced economies and aging populations.

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