15 Countries With the Lowest Retirement Age (The U.S. Doesn’t Come Close)

These countries allow citizens to retire younger than the official retirement age.

By Adam Palasciano

Edited by Ellen Cannon

Updated June 11, 2024

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Retirement age is a big factor in planning for the future, particularly when considering financial security and a stress-free retirement. While many people in the United States work well into their 60s, some countries allow their citizens to retire earlier.

The data used in this article is from the Organization for Economic Co-operation and Development (OECD), which tracks various economic indicators, including retirement ages, to reveal interesting contrasts globally.

We explore 15 countries with retirement ages ranging from the highest to the lowest and provide insights into how their retirement systems function.

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Iceland

Current retirement age: 67

Average age when leaving workforce: 66 men, 63.5 women

Iceland offers a comprehensive pension system made up of three pillars: social insurance, pension funds, and supplementary pension savings.

This three-pronged structure helps ensure that retirees have a stable income, even if they leave the workforce earlier than the official retirement age.

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Norway

Current retirement age: 67

Average age when leaving workforce: 64.9 men, 63.1 women

Norway's pension system is also divided into three parts: retirement pension from the National Insurance Scheme (folketrygden), occupational pension or contractual early retirement pension (AFP) from employers, and private pension savings.

The country's strong social safety net and high standard of living contribute to a secure retirement.

Netherlands

Current retirement age: 66.3

Average age when leaving workforce: 63.9 men, 62.8 women

The Netherlands has a well-regarded pension system that’s ranked as one of the best in the world.

It’s composed of three parts: the General Old-Age Pensions Act (AOW), occupational pensions, and individual banking or insurance products. This robust framework provides sufficient financial security for retirees.

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Australia

Current retirement age: 66

Average age when leaving workforce: 64.1 men, 63.3 women

Australia’s retirement system uses a three-pillar approach: the means-tested Age Pension, compulsory superannuation savings as well as voluntary private savings both inside and outside the superannuation system.

The superannuation system requires employers to contribute to their employees' retirement funds, supplementing the government-provided Age Pension. This system allows many Australians to retire comfortably.

Ireland

Current retirement age: 66

Average age when leaving workforce: 63.6 men, 63.9 women

Ireland's retirement system is made up of two parts: occupational pensions, which are provided by the employer, and personal pensions (also known as private pensions), which are provided by a life assurance or investment provider.

This mixed approach provides sufficient retirement income, allowing many to retire in their early 60s.

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United Kingdom

Current retirement age: 66

Average age when leaving workforce: 63.6 men, 63.1 women

The UK offers a state pension funded by National Insurance contributions in addition to private workplace pension schemes. This combined system provides a safety net that enables many to retire early, although individual savings and investments are also crucial.

United States

Current retirement age: 66

Average age when leaving workforce: 64.9 men, 64.7 women

The U.S. Social Security system provides a foundation for retirement income, but many Americans rely on personal savings, IRAs, and employer-sponsored plans like 401(k)s.

Despite an official retirement age of 66, financial pressures often keep people in the workforce longer.

Germany

Current retirement age: 65.7

Average age when leaving workforce: 63.1 men, 63.1 women

Germany's pension system is based on four parts: the state pension, the civil service pension, professional pension schemes, and old-age provision for farmers. The multipart retirement system provides good financial security for Germans in their golden years.

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Denmark

Current retirement age: 65.5

Average age when leaving workforce: 63.8 men, 63.5 women

Denmark provides a universal basic pension, supplemented by occupational and private pensions. This multi-layered system ensures financial stability for Danes.

Portugal

Current retirement age: 65.3

Average age when leaving workforce: 64.9 men, 63.2 women

Portugal's pension system includes a state-sponsored old-age pension in addition to supplementary and private pensions. This structure helps maintain Portuguese retirees' standard of living and financial security after they call it quits at work.