Retirement days
Retirement is time to put your feet up and enjoy life after a career of hard work. But while it’s great news that we’re all living longer, retirement ages are also gradually creeping up.
So how long do you get to enjoy your retirement? And how does this differ around the world? To find out, we looked at three things:
- Current retirement age: The official government retirement age for a person who entered the labour force at age 22.
- Effective retirement age: The average age people aged 40 and over leave the labour force.
- Expected years in retirement: Life expectancy for men and women measured at the age people leave the labour force.
The retirement ages cited refer to people who are retiring now, as opposed to people who are entering the labour market today.
The countries with the longest average retirements
1. France
Current retirement age - 63.3 years
Effective retirement age - 60.8 years
Expected years in retirement - 24.8 years
The country where workers can expect to enjoy the longest retirement is France, where the average person spends almost 25 years in retirement.
2. Spain
Current retirement age - 65 years
Effective retirement age - 61.7 years
Expected years in retirement - 24.15 years
Workers in Spain enjoy a healthy retirement period of just over 24 years on average, with Spanish residents generally having some of the longest life expectancies in Europe.
3. Greece
Current retirement age - 62 years
Effective retirement age - 60.85 years
Expected years in retirement - 24.1 years
Over the years, the retirement age in Greece has increased, with the minimum age of retirement once as low as 55 after 30 years of work, which has now been raised to 62 years old. However, it is still one of the best countries for a lengthy retirement, with the average retiree enjoying just over 24 years in retirement.
For information about life insurance, head here.
Methodology
All information sourced from the 2019 Pensions at a Glance Database via OECD and relates to 2018.
OECD (2019), Pensions at a Glance 2019: OECD and G20 Indicators, OECD Publishing, Paris, https://doi.org/10.1787/b6d3dcfc-en.
Current retirement age: The official government retirement age for a person who entered the labour force at age 22
Effective retirement age: The average age people aged 40 and over leave the labour force
Expected years in retirement: Life expectancy for men and women measured at the age people leave the labour force