Retirement ages vary from country to country, and the average is influenced by differences in labor markets, occupations, economic policies, gender norms, and pension systems. For example, Saudi Arabia is the only country that provides full retirement benefits to people under 50. Conversely, France raised the retirement age by two years in 2023, which sparked mass strikes.
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Retirement data is collected and analyzed by the Organization for Economic Co-operation and Development (OECD), which has its own measurements.
- The current retirement age refers to the age at which you can retire without a pension penalty after a serious career starting at age 22. The age at which people start their careers varies, which is another reason for the global differences.
- Effective retirement age is the average age at which workers aged 40 and older leave the labor force. Some people retire early for personal reasons or simply because they no longer have a job.
Based on 2020 data, when it comes to the United States, the current retirement age is 66 years old and the effective retirement age is 65 years old.
For comparison, below is retirement data for several European countries. First your current retirement age, second your effective retirement age, and if applicable a third number representing your effective retirement age for women only (which may vary), followed by the U.S. number . .
Austria: 65, 62, 61
Belgium: 65, 61, 60
Czech Republic: 64, 63, 62
Denmark: 66, 64, not applicable
estonia:64, 64, 65
Finland: 65, 63, 64
France:65, 60, 61
Germany: 66, 63, not applicable
Greece: 62, 61, 58
Hungary: 65, 62, 60
Iceland: 67, 66, 64
Ireland: 66, 64, not applicable
Italy: 62, 62, 61
Latvia: 64, 66, 65
Lithuania: 64, 63, not applicable
Luxembourg: 62, 59, 60
Netherlands: 66, 64, 63
Norway: 67, 65, 63
Poland: 65, 62, 60
Portugal: 65, 65, 63
Slovakia: 63, 60, not applicable
Slovenia: 62, 62, 61
Spain: 65, 61, 60
Sweden: 65, 66, 65
Switzerland: 65, 65, 64
England:66, 64, 63
America: 66, 65, not applicable
Among European countries, the current highest retirement age is 67 years in Iceland and Norway. Women typically retire earlier than men due to cultural gender norms, labor force participation rates, or pension systems. That said, women retired later than men in Estonia, Finland, France and Luxembourg.
More information: Retirement planning: Average monthly expenses for people 65 and older
Overall, the OECD predicts that the average effective retirement age will increase by two years by the mid-2060s.
GOBankingRates Details
This article originally appeared on GOBankingRates.com: How Do Retirement Ages Compare in Europe vs the US?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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