Sri Lanka has one of the lowest pension ages in the world, with workers able to clock off at 55. Indonesia and Nepal follow closely behind, with retirement ages of 58. In fourth place is Bangladesh, with a pension age of 59.
China has the world's youngest retirement age, according to data from the Organisation for Economic Co-operation and Development (OECD). For that distinction, it can partly thank a government policy dating back to the 1950s that lets women retire at 50 and men at 60.
From 1 July 2023, Age Pension age will be 67 years, if you were born on or after 1 January 1957.
Greece is among the countries with the highest retirement age in the world: 67 for men and women. Workers can claim full pension benefits only if they have contributed to the pension plan for at least 15 years (equivalent to 4,500 working days). Denmark, Iceland, Israel, and Italy also have retirement ages of 67.
China has one of the lowest retirement ages among major economies. Under a policy unchanged since the 1950s, it allows women to retire as early as at age 50 and men at 60.
Although the retirement age is 60 in Japan, many continue to work, commonly rehired by the same company as a contract worker. A survey of 1,100 people in Japan in their sixties, past the retirement age of 60, found that 66% were still working.
Retiring at 62* (statutory age)
France's statutory minimum retirement age is 62 for those born on or after January 1st, 1955.
Current retirement ages (2020*)
Of the EU member states, Greece, Italy, Luxembourg and Slovenia have the lowest current retirement ages, with 62 years for both men and women.
Nationally, the expected retirement age for women in 2022 was 64.8 and 66.2 for men.
According to the Association of Superannuation Funds of Australia's Retirement Standard, to have a 'comfortable' retirement, a couple who own their own home will need an income of about $70,500. A single person will need an annual income of more than $50,000.
Australians have reacted furiously to suggestions they will have to stay in the workforce until 70 years of age before retiring. New modelling done by Macquarie University's Business school proposes that by 2050 Australians will need to continue working until they reach 70.
How much super you'll need in retirement depends on the lifestyle you want. According to the government's MoneySmart website, if you own your home, the rule of thumb is that you'll need two-thirds (67%) of your current income each year to maintain the same standard of living.
No 1 | Iceland | The country has the best pension system in the world.
67 years for a full pension with at least 15 years (4,500 days) of insurance.
Americans born in 1960 or later must wait until they turn 67 to collect their full benefits. However, unless Congress acts, neither Social Security nor Medicare will be able to provide their full benefits within the next decade or so.
You can receive an income pension complement when you have reached the age of 65 (66 from 2023). From 2026, the age limit will gradually be increased in line with increasing life expectancy. If you have had a low or no income in Sweden, you will receive a low or no income-based pension.
State Pension age is currently 66 years old for both men and women. You can check when you'll receive your State Pension using the GOV.UK checker below. You won't get your State Pension automatically – you have to claim it.
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
The maximum monthly amount you can receive is reached when you turn 70. There are different factors that can affect how much you'll receive, such as time taken off from work to care for young children. Find out more about how much you could receive. You can also work while receiving a CPP retirement pension.
In India, however, the retirement age is between 58 and 60 years in the private sector. For central government employees, it is 60 years. Many companies in the country are mulling over raising the retirement age to anywhere between 60 and 65 years.
In 2019 — the latest period for which comparable data are available — the average life expectancy at 60 for men in OECD countries was 82 years. The average effective retirement age, which is when someone exits the workforce as opposed to the official state pension age, was 64 years.