Directly comparing retirement ages around the world is difficult. For example, not only the retirement age is important, but also how generous the pension is.
In some cases, as in Sweden, what we normally call retirement age refers to the age at which all benefits become available. Swedes can receive a public pension from age 63, but only at age 66 with a pension, income and housing guarantee.
In some countries on the list – such as India, Indonesia and Colombia – the majority work in the informal sector. Although the retirement age is low, only a minority actually receive a pension.
In other countries, people work longer than necessary to receive a pension. In South Korea, the retirement age is 60, but the average worker only retires at 65.3. Additionally, South Koreans work 1,915 hours per year, compared to Swedes’ 1,444 hours per year.
Turkey recently abolished the general retirement age. From January 2023, the requirement for retirement is 25 years of full-time work for men and 20 years for women. Many countries use similar systems.
Additionally, there is the question of how long one lives after retirement. In 2021, the average Swede can expect to have 20.5 years of retirement. The corresponding figure in Indonesia is 12.3 years.
“Passionate beer ninja. Extreme problem solver. Thinker. Professional web fan. Avid communicator. Hardcore troublemaker.”
More Stories
Quantity is important, but don't forget quality – the natural side
British Prime Minister Rishi Sunak sits in limbo as UK heads into local elections – Foreign Affairs – svenska.yle.fi
UK's first freight locomotive with ETCS modules begins dynamic testing