Retirement age used to be higher than it presently is. However, there are a number of countries now reconsidering whether or not that was the correct move by putting some thought into reverting it back. This is because our ability to cure many more medical conditions is leading to a globally ageing population and higher life expectancy.
In 1949, retirement age was at 64.3 for men. Since then, however, in more lenient times, we have seen it drop in 1994 to 6.5. These statistics were drawn from surveys with thirty countries. It is set to rise slightly for those in the private sector to be able to receive full retirement benefits, at 63 years old.
One huge factor which is always taken into account when evaluating retirement age is left expectancy. In 1958, we saw a life expectancy of 13.4 years post retirement but by 2010, that figure had increased by 5.1 years. That figure is expected to reach 20.3 years at some point in the not-too-distant future.
Turkey has a unique system when it comes to retirement age. They used to have a set age of 60 but that is no longer in place. Anyone who has contributed to the system for twenty five years is eligible for a full pension. So retirement is possible in Turkey at the grand old age of forty five. Greece has a generous retirement age of 57 with a figure which has seen only an increase of 2 years since 1959. Countries such as Hungary, Luxembourg, Korea and Belgium, among others, have a retirement age of 60.
Norway and Iceland have the oldest retirement age at 67. The US is third with 66 and, like Denmark, is also set to be at 67 by the year 2030. Retirement age in Italy is set to be 65 by 2030. Legislation is in place for both countries to make this move. The UK, however, has the oldest projected age of 68 by the year, 2050.
In 1949, retirement age was at 64.3 for men. Since then, however, in more lenient times, we have seen it drop in 1994 to 6.5. These statistics were drawn from surveys with thirty countries. It is set to rise slightly for those in the private sector to be able to receive full retirement benefits, at 63 years old.
One huge factor which is always taken into account when evaluating retirement age is left expectancy. In 1958, we saw a life expectancy of 13.4 years post retirement but by 2010, that figure had increased by 5.1 years. That figure is expected to reach 20.3 years at some point in the not-too-distant future.
Turkey has a unique system when it comes to retirement age. They used to have a set age of 60 but that is no longer in place. Anyone who has contributed to the system for twenty five years is eligible for a full pension. So retirement is possible in Turkey at the grand old age of forty five. Greece has a generous retirement age of 57 with a figure which has seen only an increase of 2 years since 1959. Countries such as Hungary, Luxembourg, Korea and Belgium, among others, have a retirement age of 60.
Norway and Iceland have the oldest retirement age at 67. The US is third with 66 and, like Denmark, is also set to be at 67 by the year 2030. Retirement age in Italy is set to be 65 by 2030. Legislation is in place for both countries to make this move. The UK, however, has the oldest projected age of 68 by the year, 2050.
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