What is the Retirement Age?

Retirement is a time for people to celebrate their years of hard work, enjoy their golden years without the stress of the job and concentrate on activities they find enjoyable. Retirement age is the age when one is eligible to receive retirement benefits provided by the government or the employer. In most countries, the retirement age is determined by law and varies depending on the country and the occupation.

The Reason Behind Deciding the Retirement Age

The main reason behind deciding the retirement age is to be fair to potential and current employees. Although most people start working as adults, there is a limit to the number of years they are able to continue working. If the retirement age is set too low, the employee may not be able to work long enough to produce a successful career, which would make it difficult for new workers to enter the labor market. If it’s too high, it could create ageism and give older generations a competitive edge over the younger ones. Additionally, a proper retirement age can help to provide financial security for an aging population in some cases, resulting in reduced levels of poverty and increased economic growth in certain areas.

Current Retirement Age Globally

The retirement age varies from country to country. In some countries, the retirement age for men is higher than for women, and in some cases, the retirement age is determined by the job sector. In the United States, the retirement age is either 65 or 67, depending on the year a person was born. In the United Kingdom, the retirement age is currently 66 and plans to increase the retirement age to 68 by 2039. In Australia, the retirement age is currently 65 and is scheduled to reach 67 in 2023. In Canada, the retirement age is 65 and is expected to reach 67 in 2029.

Overall, the retirement age is important to help maintain a safe and fair labor market, provide financial security to aging populations, and maintain economic growth. Although it may be difficult to reach an acceptable retirement age that can satisfy everyone, it is important for countries and governments to consider when deciding on their retirement age.