Retiring age trend moving upwards

The official ‘retirement age’ around the world is increasing in line with increased life expectancy.

The US has pegged the retirement age at the highest level of 67-70 depending on the year of birth. Some European nations – Britain, Denmark, and Germany – are now moving towards a higher than 65 retirement age.

A Mercer report analysing changes in 47 countries has highlighted the gradual increase in retirement ages, with the added effect for governments that raising the age at which people become eligible for an aged pension reduces social security costs.

Mercer’s Tim Jenkins said “it’s now time to tackle the ‘age 65’ but only with sufficient transition time and a continued safety net. The pension age has not been changed in 100 years in Australia, yet our life expectancy is constantly increasing – why aren’t we discussing the validity of 65?”