Current retirement ages (2020*) The current retirement age is 65 years or over in most European countries where OECD data is available. Of the EU member states, Greece, Italy, Luxembourg and Slovenia have the lowest current retirement ages, with 62 years for both men and women.
In the European Union, for example, the majority of Member States have set the legal retirement age at around 65 (62 to 67), but as the most recent data from the OECD shows, many Europeans actually leave the professional world earlier.
When can I start taking money from my pension? Currently, you must be aged 55 or over to start taking money from your pension. This is called the normal minimum pension age (NMPA) and it's set by the Government.
The retirement age for women and men will be standardized (65 years).
Retiring at 62* (statutory age)
France's statutory minimum retirement age is 62 for those born on or after January 1st, 1955. However, in order to qualify for a full, maximum-rate pension at age 62, you must have accrued a required number of quarters of contributions.
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.
Non-Swiss citizens can apply for a Switzerland Retirement Visa once they prove they have enough money so that they do not become dependent on the Swiss social security benefits.
The pensionable age for the Old-age Basic Pension is 65 in principle. However, you may opt to receive pension at whatever age after 60. The pension amount is adjusted depending on the age you start to receive your pension.
Qualifying age for State pensions
The qualifying age for all State pensions is 66.
State Pension is available to people who have reached State Pension age, currently 60 for women and 65 for men. Pensions are based on National Insurance (NI) contributions. Additional money is paid to those aged 80 and over.
The standard pension age in Italy is 67. To qualify for a state pension (pensione di vecchiaia), you'll need to have made at least 20 years of social security contributions. The pension age is set until at least 2026.
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.
Countries such as Thailand and Malaysia are popular with Australians because they are a 'day flight' away from most capital cities and have all the advantage of great weather, good / great health care systems and English being spoken in the country.
If your payment stops while you're overseas, we usually can't restore your payment until you return to Australia. It may be possible to have your payment extended if you can't return to Australia because of unexpected issues. These issues may include a serious illness or natural disaster.
How long can Australian pensioners stay overseas? Australian pensioners can stay up to 6 weeks overseas and receive their Australian pension normally before their return to Australia.
According to the university's statistician Professor Hanlin Shang and his co-authors, three more pension age increases should occur in the next 27 years based on their analysis. By 2030, the age will increase to 68, before rising to 69 in 2036 and 70 by 2050.
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.
This obviously depends on what annual income you want to fund but if you want to be able to afford a comfortable retirement—which is an income of just over $48,000 a year for a single according to the ASFA Retirement Standard—then you need a balance of at least $500,000.
According to the latest data from SingStat, the average life expectancy in Singapore is 83.5 years. Women have a longer lifespan of 85.9 years, compared to men at 81.1. Assuming you retire at 63, that adds up to about 18 to 22 years that you'll need to plan for.
Once you reach your full retirement age, or FRA, you can claim 100 percent of the benefit calculated from your lifetime earnings. (Full retirement age is 66 and 4 months for people born in 1956 and 66 and 6 months for those born in 1957. It will incrementally increase to 67 over the next few years.)
From 1 July 2023, Age Pension age will be 67 years, if you were born on or after 1 January 1957.