Governments around the world are planning to increase retirement ages for claiming pension and other benefits. This is because the increase in life expectancy and the need to balance budgets. Or to put it differently as people are living longer working folks have to work more in order to contribute in taxes to states to fund its obligations.
In the future the current retirement ages will be a thing of the past. For example, in the UK the retirement age is planned to jump to 68. In the US it will increase to 67. Even the traditionally labor-friendly France will raise the retirement age to 67 by 2023. The table below the current retirement age and proposed ages for select countries:
| Country | Current retirement age (m/f where different) happened | Future retirement age | Notes |
|---|---|---|---|
| UK | 65/64 | 68 (2037) | |
| Germany | 65 | 67 (2029) | |
| France | 62 | 67 (2023) | |
| Italy | 67/66 | 67+ (2022) | Link to life expectancy |
| Spain | 65 | 67 (2027) | |
| Portugal | 66 | 66 | Link to life expectancy |
| Luxembourg | 65 | 65 | |
| Belgium | 65 | 67 (2030) | |
| Netherlands | 66 | 67+ (2022) | Link to life expectancy |
| Hong Kong | 65 | 65 | |
| Japan | 62 | 65 (2025) | |
| Singapore | 62 | 62 | Re-employment offered up to 67 |
| Indonesia | 56 | 65 | Rising to 57 in 2019. Increase 1yr every 3 years, stopping at 65 |
| US | 66 | 67 (2027) | |
| Canada | 65 | 65 | |
| Australia | 66 | 67 (2023) | |
| South Africa | 60 | 60 | Means tested. (Single: less than R1,056,000 of assets; R73,800 of income) |
| Denmark | 65 | 67+ (2025) | Link to life expectancy |
| Sweden | 65 | 65 | |
| Switzerland | 65/64 | 65 (2020 proposal) | Equalisation being put to popular vote |
| Ireland | 66 | 68 (2028) | |
| Finland | 65 | 65+ (2030) | Link to life expectancy |
| Austria | 65/60 | 65 (2034) | Rises begin in 2024 |
| Norway | 67 | 67 (2034) |
Data Sources: Finnish Centre for Pensions, Mercer, Schroders. Years are rounded up or down if in a mid-year change.
Source: World pension ages on the rise: when will you retire?, Schroders
