A new analysis of global working trends shows that the retirement age is gradually getting older, but depending on where you live, your golden years might be even farther away than you think.
Compare the Market, a comparison website, recently complied data on how retirement compares in countries around the world.
Unfortunately, the United States is ranked 27th. The average age of retirement is 66 years old, which is currently the full retirement age when an individual is entitled to 100% of their Social Security benefits. The expected amount of time in retirement for Americans is 18.1 years. This is still better than South Korea, which ranked last out of the 34 countries compared. The amount of time spent in retirement was only 14.6 years. The current retirement age is only 61 years old, but the effective retirement is 72.3 years old.
Can’t wait for retirement to come? It might be time to pack up and head to France: the premier destination for wine, cheese, and a lengthy retirement. It’s the best country to get the most time to enjoy your life after a lifetime of working, according to the analysis. The current retirement age is 63.3 years old, while the effective retirement age is only 60.8 years old. France also offers the longest expected time in retirement, which is 24.8 years. That’s more than enough time to relax and enjoy life on the shores of the Mediterranean or the peaks of The Alps. Spain and Greece come in second and third, closely following France with a similar 24 years in retirement.
Here’s how the top 10 countries shook out:
Compare the Market used information gathered from the 2019 Pensions at a Glance report, from the Organization for Economic Co-Operation and Development. The analysis focused on three aspects of retirement: the current retirement age for someone who joined the workforce at 22 years old; the effective retirement age, which is based on the average age of a person who is 40 years or older and leaves the labor force; and the expected years in retirement, which is an approximate duration of time that individuals get in retirement before they pass away.
Take a look at the full comparison list here.