Retirement around the world
Men and women in the Netherlands and South Korea work longer than adults in any other country according to new research.
The team at personal finance experts TheMoneyPig.com have looked at 41 countries around the globe to find the age for retirement.
People in the Netherlands work until they’re 68 with South Koreans working until they’re 68 and 67 for men and women respectively.
Norway, Italy, Israel, Iceland and Greece are close behind with the age of retirement set at 67 years old.
Many countries in Europe retire at around 65 – 66 years old, including the UK, although that age looks set to rise over the coming years.
Others with 65 years as the retirement age include New Zealand, Mexico, Jamaica, Hong Kong, Canada and Brazil. In Asia countries including China, Japan and Thailand retire at 60 years old.
The country with the lowest retirement age is the United Arab Emirates with Emiratis able to retire at just 49 years old. Expats aren’t quite so fortunate, retiring at 65 years.
There is still some discrepancy between the ages men and women can retire. In most countries the retirement age is the same although women are able to retire at a younger age 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.
Here are TheMoneyPig.com’s tips for planning for retirement:
1. Your retirement income
It’s important to work out your potential retirement income. Factor in your state pension and any private pensions you pay in to and you should come up with an accurate figure. Also factor any savings or investments you have available to use when you retire.
2. Boost your pension pot
Think about paying in more to your pension if you can. This will give you a greater sum when you retire. To boost it further you could set you retirement date later.
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.
