Finance

How UK state pension age compares to retirement ages in other countries around the world

Men and women in the Netherlands and in South Korea work longer than adults in any other country, according to new research. The analysis by personal finance experts TheMoneyPig.com compared 41 countries around the globe to find the age for retirement.

In the Netherlands, people work until they 68, the comparison found, while men and women work until they’re 68 and 67 for men and women respectively in South Korea.

Meanwhile, Norway, Italy, Israel, Iceland and Greece all have the age of retirement set at 67 years old.

In Europe in particular, it seems many countries retire at around 65 to 66 years old.

Currently, that includes the UK, although changes to the state pension age mean it’s set to rise over the coming years.

READ MORE: How some could boost state pension income by £2,342 per year for life

Elsewhere in the world, other places with a retirement age of 65 include New Zealand, Mexico, Jamaica, Hong Kong, Canada and Brazil.

And, in China, Japan and Thailand, the age is 60 years old.

So, which country ranked as having the lowest retirement age in the analysis?

The answer is the United Arab Emirates with Emiratis able to retire at just 49-years-old.

However, that’s not the case for expats, who would face retiring at 65 years, the personal finance website said.

In the UK, state pension age is now the same for both men and women – something which has been the case since November 2018, following changes to the state pension age for women.

DON’T MISS

However, across the world, there is still some discrepancy between the ages men and women can retire.

Women are able to retire at a younger age, for instance, in China, Qatar, Turkey, Russia, the Czech republic, Austria, Brazil, Gibraltar, Jamaica, Poland, Switzerland, Israel and South Korea.

A spokesperson for TheMoneyPig.com said: “Retirement ages differ slightly around the world but not massively.

“Looking at the data it would be fair to say that mid 60s is around the average age for retirement.

“What is important wherever you live, is to plan for your retirement so you can enjoy it without the financial concerns it can bring.

“It’s important to think about this early and to be realistic on just how much money you need, how much you can afford to pay in now and if there are ways you can boost your pension pot.”

3. Day to day spending

“Think about what you’ll spend when you retire. Work related costs like commuting, lunch and work clothes will all stop.

“Do factor in increases elsewhere like leisure and healthcare.”

4. Clear your debts

“Aim to clear any debts before you retire. If you can get the mortgage paid off, then do.

“Look at credit cards and any other debts too and pay off those with the highest interest first.”

5. Retirement age

“Consider what age you want to retire at and be realistic about if you can afford to.”

6. Get advice

“If you’re not sure, it’s always worth getting some financial advice.

“A good adviser will be able to talk you through the options to help you work out what’s right for you.”



Tags

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close