Don’t wake us up, we’re dreaming of retirement. 😴That’s right, we’re snoozing in our future comfy cozy armchair. And when we wake up, we’re heading to the gas station to buy another scratch off. 💰🍀 How else are we gonna make our dreams come true?
Ever wonder how old you have to be to retire in other countries? Well, you’re in luck because we’ve got answers. Keep reading! 👀
Here’s Five Fast Facts on retirement ages around the world:
- 👴🏻 Ages and Wages - Who’s got the highest official retirement age? In Libya, it’s 70 and Denmark is about to pull up with a tie. This past Spring, Denmark raised its retirement age from 67 to 70. The change will happen gradually over time through the year 2040.
- 🧑🏭 Working World - Before the adjustment, Denmark held the second-highest retirement age, along with several other countries (Australia, Greece, Iceland, Israel, Italy, and the Netherlands). In third place: the United States with 66.7 years. Coming up in a close fourth is Spain (66.5 years).
- 👔 Shorty Got Low - Who’s got the lowest retirement age? In India, Indonesia, and Turkey, you can retire in your 50s. Saudi Arabia boasts the lowest retirement age in the world. There, some can access pensions as young as 47! It’s worth noting that just because you can retire at a younger age in those countries doesn’t mean everyone has the means.
- 💵 Inspired 2 Retire - In the U.S., most people tend to retire around 62, which is lower than the legal age. You can access your retirement savings accounts penalty-free at 59.5. If you were born after 1960, you’ll have to wait until 67 to access Social Security. Anyone born between 1943 to 1954 can access them at 66.
- 📈 Numbers Game - Some lawmakers want to raise the retirement age even higher. The right side of the aisle would also like to see the Social Security age raised to 69 by 2033. Supporters of these age increases say it’s necessary due to increased life expectancy and a strain on existing pensions.
🔥Bottom line: We’ve said it before and we’ll say it again: make sure you’ve got a retirement savings strategy! Your future self will totally thank you. While we’re talking retirement, have you heard about the new rules for 401(k)s? If you’re in a financial emergency, these new rules just might throw you a lifeline. Read all about them here!
Are you dreaming of retirement?
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