While the relatively early age of retirement can be envied, in terms of gross monthly payments the average monthly state pension in France at about 1,200 euros ($1,327) is significantly lower than many of its neighbours like Spain's 2,500 euros ($2,764), Belgium's 3,000 euros ($3,317) and Luxembourg's 3,300 euros ($ ...
The ceiling not to be exceeded is re-evaluated every year. In 2022, this ceiling is set at 11,001.44 euros per year for a single person (916.78 euros per month) and 17,079.77 euros per year (1,423.31 euros per month) for a couple.
Basic pension - régime de base this is the basic state pension based on how many trimestres (quarters) you have paid into the system. Complementary pension - régime complémentaire) based on points earned related to the type of job you do and your salary.
Following Finland, the best countries for pensions are Poland and Sweden. Both boast an average retirement age of 65, below the average of 66, and Sweden has an impressive 100% rate of participation in funded pensions.
Retiring at 62* (statutory age)
France's statutory minimum retirement age is 62 for those born on or after January 1st, 1955. However, in order to qualify for a full, maximum-rate pension at age 62, you must have accrued a required number of quarters of contributions.
Sri Lanka has one of the lowest pension ages in the world, with workers able to clock off at 55. Indonesia and Nepal follow closely behind, with retirement ages of 58. In fourth place is Bangladesh, with a pension age of 59.
Age Pension age is: 65 years and 6 months, if you were born between 1 July 1952 and 31 December 1953. 66 years, if you were born between 1 January 1954 and 30 June 1955. 66 years and 6 months, if you were born between 1 July 1955 and 31 December 1956.
Australia is home to the world's third best pension system, according to research by HR consulting firm Mercer and Monash Business School.
Australia's funded pension system (referred to as “superannuation”) is based on a mandatory, occupational structure that performs well on international comparisons due to its professionalism and capacity to deliver good financial outcomes.
Tax on pensions in France
In France, pensions are subject to income tax after the deduction of a 10% allowance per household (capped at €3858 based on 2021 figures). After you pass your tax-free allowance (€10,084 based on 2021 figures), income tax rises to 11%, rising to 45% for high-income earners.
Retirees may opt to apply for a visitor visa (VLTS-TS Visiteur visa). To get a visitor visa, you'll need to prove you have sufficient income to support yourself in France (be it through pension income, savings, or investments) and show evidence of having private health insurance.
You'll need to prove that you are financially able to live in France – a pension statement will suffice, bank statements showing savings etc. You must have a suitable healthcare plan – as we said earlier, it is not free in France but they do have an excellent record of healthcare.
The problem is that French people spend less time working, and more time in retirement, than most of their European peers, leading to funding shortfalls that increase the public debt. And an aging population is making the problem worse.
What is average wage in France? Average Wages in France increased to 3321 EUR/ Month (3635.07 USD/Month) in 2021. The maximum rate of average wage for employees was 3137 EUR/ Month and minimum was 1752 EUR/ Month. Data published Yearly by National Institute for Statistics and Economic Studies.
As at 26 March 2021, around 2.6 million people received Age Pension, equating to over 3 in 5 (62%) of the population aged 65 and over.
It is paid to people who meet age and residency requirements. It is targeted through the means test to those who need it most. Pension rates are indexed to ensure they keep pace with Australian price and wage increases. Most Age Pension payments are made by Services Australia (Centrelink).
Countries such as Thailand and Malaysia are popular with Australians because they are a 'day flight' away from most capital cities and have all the advantage of great weather, good / great health care systems and English being spoken in the country.
What do we consider a “comfortable” retirement? A helpful cost of living benchmark prepared quarterly by the Association of Superannuation Funds of Australia (ASFA), shows an average single person needs approximately $595,000 in superannuation before retiring, while a couple requires around $690,000.
If you want to retire at 60, a common approximation used to calculate the amount you will need to retire is to multiply your after-tax retirement expenses by 15. So, if you estimate you will need $50,000 annually in retirement income, you will need income-generating assets of $750,000 to create this income stream.
The Work Bonus income bank is useful for pensioners who wish to work, particularly those who undertake intermittent or occasional work. Note: from 1 December 2022 to 31 December 2023, a one-off, temporary credit of $4,000 applies to Work Bonus income bank balances.
The payment rates for Age Pension, Carer Payment and Disability Support Pension are increasing from 20 March 2023. Age Pension, Carer Payment and Disability Support Pension will increase by $37.50 a fortnight for singles and $56.40 a fortnight for couples combined.
How much super you'll need in retirement depends on the lifestyle you want. According to the government's MoneySmart website, if you own your home, the rule of thumb is that you'll need two-thirds (67%) of your current income each year to maintain the same standard of living.