65 years and 7 months is the standard age at which someone in Germany can retire, but some schemes allow people retiring here to take out less money on their pensions in exchange for retiring early. The standard age is slightly about the OECD and EU averages of 64.
Greece is among the countries with the highest retirement age in the world: 67 for men and women. Workers can claim full pension benefits only if they have contributed to the pension plan for at least 15 years (equivalent to 4,500 working days). Denmark, Iceland, Israel, and Italy also have retirement ages of 67.
The pensionable age is gradually being raised to 67 years by the year 2031. A standard pensionable age of 67 will then apply to those born in 1964 or later. Early retirement is possible from the age of 63 after an insurance period of at least 35 years, but with permanent deductions.
China has the world's youngest retirement age, according to data from the Organisation for Economic Co-operation and Development (OECD). For that distinction, it can partly thank a government policy dating back to the 1950s that lets women retire at 50 and men at 60.
The state pension benefits are paid out after the general retirement age of 65 years. It is managed by local and regional branches of the public pension insurance system called Deutsche Rentenversicherung. It provides basic retirement payments of about 70% of the working income.
If you have worked and paid contributions in Germany for more than 60 months, you will receive a German pension after reaching the official German pensionable age. In addition to the periods of contributory employment, many other periods are considered, including: Child-rearing (until three years of age)
Age Pension age
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. 67 years, if you were born on or after 1 January 1957.
There is no longer a fixed retirement age in Australia – flexibility rules! Many people choose to retire when they become eligible for the Age Pension. The Age Pension age is 67.
Despite fierce protests, France has raised the retirement age from 62 to 64 French President Emmanuel Macron has enacted controversial new reforms that raise the retirement age in France from 62 to 64.
There is no legal time limit on how long you can work, so you are not obliged to retire when you reach retirement age. If you work longer, you will, in fact, receive a higher pension later.
The State Pension age is currently 66 years old for both men and women but will start gradually increasing again from 6 May 2026.
The law which came into force in Russia on January 1, 2019, set the retirement age at 65 for men and 60 for women. The period of gradual transition to the new retirement age will run until 2028. In 2022, pensions were granted to men born in the second half of 1960 and women born in the second half of 1965.
The average retirement age in Australia is 55
And on average, Australians can expect to live to 85 for women and 81 for men (ABS, 2021). So depending on what age you retire, this means you could need your retirement savings to last up to 30 years.
There is no official retirement age in New Zealand. The common age to retire is 65 when NZ Super and some other pension payments start.
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.
There is no fixed retirement age in Sweden. You can apply for your income pension from the month you become 62 years of age at the earliest and there is no upper age limit. You have the right to work until you are 68, but you can also work for longer if you and your employer agree on this.
Full retirement age
For anyone born 1960 or later, full retirement benefits are payable at age 67. The chart below lists the full retirement age by year of birth.
From 1 July, the eligibility age for the Age Pension is 67 for all Australians. Researchers are pushing for the pension age to be increased to 70 by 2050. National Seniors opposes further age increases and suggests an alternative solution to workforce shortages.
Latest Age Pension changes (from 20 March 2023)
Single: $1,064.00 per fortnight (approximately $27,664 per year) Couple (each): $802.00 per fortnight (approximately $20,852 per year) Couple (combined): $1,604.00 per fortnight (approximately $41,704 per year)
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.
It suggests a $690,000 super balance for a couple, or a $595,000 balance for a single person, should provide a comfortable retirement, assuming the age pension will also come into play.
Association of Superannuation Funds of Australia (ASFA) noted within their Quarterly Report for September 2021 that the minimum cost of a comfortable retirement for singles who own their own home is $45,239 annually and $63,799 annually for couples.
Retiring at 60 is the first time you are able to get unrestricted, tax-free access to your super; so there really is no better time to retire. Knowing how much super you need to retire can give you a good idea of what to work towards and how much you need to save between now and then. Hey, you might already be there!