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Home>UPDATE: If you lived in Yemen, you could be retired by now: Retirement trends around the world

UPDATE: If you lived in Yemen, you could be retired by now: Retirement trends around the world

UPDATE: If you lived in Yemen, you could be retired by now: Retirement trends around the world

09/26/2017

By Alessandra Malito, MarketWatch

This is the average new retiree age around the world

Americans may wonder if they'll ever retire in their 60s, but for in most other parts of the world, retirement age is closer to early to late 50s.

The full retirement age for Americans is 66 years old, according to the Social Security Administration. The oldest official age of retirement is in Norway, where it's 67.75 years old, and on the other side of the spectrum, Yemen's official age of retirement is 53, according to an analysis of retirement ages around the world conducted by caregiving firm Aperion Care (https://aperioncare.com/). Countries in South America range between mid to late 50s -- Venezuelans are officially retired at 57.5 years old and for Brazilians, it's 60. The official retirement age of most European countries hovers in the mid-60s.

(https://aperioncare.com/aperion-age-chart/)

See: 10 of the greatest places in the world to retire if you're not rich (http://www.marketwatch.com/story/10-great-places-in-the-world-to-retire-if-youre-not-rich-2016-08-10)

The face of retirement has changed drastically for Americans (http://www.marketwatch.com/story/how-the-us-lags-behind-other-countries-in-retirement-2017-06-22). At one point, workers could rely on defined benefit plans, also known as pensions, where employers' were responsible for funding most if not all of a retiree's life. Most Americans now, however, are on the hook for their retirement savings, either funding defined contribution plans, or employer-sponsored plans, and individual retirement accounts or other vehicles.

Almost all Americans in a Transamerica survey on retirement felt "very or somewhat" personally responsible for making sure they had enough to survive in retirement, compared with 73% of respondents around the world. Does this mean Americans are the most prepared for retirement? Hardly, in contrast, many have barely saved for it (http://www.marketwatch.com/story/the-amount-of-americans-not-saving-for-retirement-is-even-worse-than-you-thought-2017-02-21). India came out on top of financial services firm Aegon's Retirement Readiness Index, scored on personal responsibility, awareness, financial understanding, planning and financial preparations and income replacement. Indian workers said almost half of their retirement income came from their own savings, and they were also the most likely to have a backup plan for their later years.

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