There comes a point in all our lives when our skin wrinkles like a raisin. When our backs stoop a little further than they used to. When we decide that, maybe, working is no longer for us.
Planning for retirement is important for everyone. Figuring out when to retire can be a bit tricky, however, especially since retirement ages vary from country to country, and even change within a country.
To help your pension plans, here is a destination guide of retirement ages around the globe.
Australia: Retirement age 65 (for now)
First off, let’s visit retirement in our own back yard. For the majority of Aussies who will reach retirement in the next couple of years, 65 is the age at which you can access the Government Aged Pension.
However, Australia is raising its retirement age from 65 to 65.5 as of July 1, 2017. Every two years thereafter the age will rise a further six months until it caps at 67 in 2023.
Like many countries’ retirement plans around the world, there are many in Australia who are calling for an even higher retirement age. In fact, the Australian Government has announced plans to raise the retirement age to 70 by 2035.
Another important age to remember is the Preservation Age. If you are lucky enough to have built up enough super, and were born prior to July 1, 1960, you can access your fund and retire at age 55. However, the Preservation Age scales up the later you were born. For example, it is 60 for those born after July 1, 1964.
New Zealand: No official retirement age
If you’re looking for a little something elsewhere, but don’t want to fork out a fortune, pop across the ditch to check out kiwi retirement.
According to New Zealand Now, our small, flightless brethren don’t actually have an official retirement age, though most superannuation schemes begin paying out at 65 – including the government’s.
United States: Retirement age 62
For Grand Canyon views, a chance to see a fake Eiffel Tower or to at least get a good hot dog, the US is another country with a reasonable retirement plan in place.
Americans can retire as early as 62 to receive the pension funding. However, the amount you receive on a regular basis will be reduced because you decided to start a bit early. If you’re a workaholic and you don’t want the head start, the government will begin your plan at the age of 70.
According to Forbes, an American can generally access their 401(k) (what we call superannuation) from the age of 59.5 without penalty.
United Kingdom: Retirement age 65
Those of you who enjoy regular drizzle and call soccer ‘football’ should add the United Kingdom to your list of possible retirement locations.
What’s the retirement age? Well actually, it’s changing quite regularly at the moment. Between now and a few decades from now the retirement age will be increasing. Thanks to legislation passed back in the 90s, the retirement age for women is rising from 60 to 65 by 2020. However, further legislation passed in 2011 speeds that up to 2018, with the age for both genders to increase to 66 by 2020.
As if that weren’t enough, the government plans on continuing to raise the age after that point. Even more legislation plans to bring it to 68 by 2046, however there are plans to speed that up as well.
The British can access their personal pensions (superannuation) from the age of 55, according to the Money Advice Service website.
Turkey: Retirement age various
Depending on what you do, what gender you are and any number of other factors, your official retirement age in Turkey could be all over the place.
The official retirement age for men is currently 60, rising to 65 by 2046. For women, the age is 58, though rising to 65 by 2048. However, here’s where it gets tricky. After 25 years of insurance cover, and having made 4,500 days worth of contributions, you may officially retire. Feasibly, if you become insured at 18 years old (the minimum), you could retire at a ripe old age of 43.
Miners and others who are ‘prematurely aged’ may retire at 50.
So at what age do you think you’d like to retire?