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.
Steal this billionaire wealth-building technique
The ultra-rich have also been investing in art from big names like Picasso and Bansky for centuries. And it's for a good reason: Contemporary art prices have outpaced the S&P 500 by 136% over the last 27 years.
A new company called Masterworks is now allowing everyday investors to get in on this type of previously-exclusive investment. You can buy a small slice of $1-$30 million paintings from iconic artists, all without needing any art expertise.
If you have at least $10K to invest and are ready to explore diversifying beyond stocks and bonds, see what Masterworks has on offer. (Hurry, they often sell out!)
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.
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.
Earn $200 cash rewards bonus with this incredible card
There's a credit card that's making waves with its amazing bonus and benefits. The Wells Fargo Active Cash® Card(Rates and fees) has no annual fee and you can earn $200 after spending $500 in purchases in the first 3 months.
The Active Cash Card puts cash back into your wallet. Cardholders can earn unlimited 2% cash rewards on purchases — easy! That's one of the best cash rewards options available.
This card also offers an intro APR of 0% for 12 months from account opening on purchases and qualifying balance transfers (then 19.74%, 24.74%, or 29.74% Variable). Which is great for someone who wants a break from high interest rates, while still earning rewards.
The best part? There's no annual fee.
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.
Trending Stories
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.
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.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
You’ll also get insider info on social security, job listings, caregiving, and retirement planning. And you’ll get access to AARP’s Fraud Watch Network to help you protect your money, as well as tools to help you plan for retirement.
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
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.
Belgium
Current retirement age: 65.0
Average age when leaving workforce: 60.9 men, 60.1 women
Belgium offers a comprehensive public pension system, along with occupational and private pensions. The country's various retirement benefits allow many to exit the workforce well before the official retirement age.
Canada
Current retirement age: 65.0
Average age when leaving workforce: 63.9 men, 62.6 women
Canada's retirement system includes the Canada Pension Plan (CPP), Old Age Security, and personal savings. This combination provides a comfortable retirement for Canadians, although personal savings plays a crucial role.
Chile
Current retirement age: 65.0
Average age when leaving workforce: 64.7 men, 61.0 women
Chile's pension system is currently based on the Universal Guaranteed Pension (PGU) system and employer-financed social security pensions. This retirement system is evolving, with many ongoing reforms to address inequalities and improve benefits.
Finland
Current retirement age: 65.0
Average age when leaving workforce: 63.0 men, 63.6 women
Finland provides a complex retirement system composed of four parts: the national pension, statutory earnings-related pension, employer-specific supplementary pensions, and an individual pension.
This robust system ensures financial security for retirees, allowing many to retire before the official retirement age.
Japan
Current retirement age: 65.0
Average age when leaving workforce: 68.2 men, 66.9 women
Japan's pension system is composed of the National Pension System and the Employees’ Pension Insurance system. Despite the official retirement age, cultural and economic factors often keep people working longer.
Bottom line
Understanding global retirement ages highlights the importance of financial planning so you can plan for retirement.
If you're looking to retire early, it's crucial to check your financial health and adjust your savings strategy accordingly.
How does your retirement planning stack up against these international benchmarks?
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.74%, 24.74%, or 29.74% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Subscribe Today
Want extra-cash moves to come right to you?
Stop browsing endlessly. Get proven ways to earn pocket money, help cover rent, and crush your debt — sent to your inbox daily.
Author Details