The Standard Retirement Age in the US vs. 5 European Countries

The status property and aboriginal of Social Security person been large talking points of late, with galore moving Americans acrophobic astir imaginable cuts to benefits and the aboriginal for the strategy itself.

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The United States is acold from the lone state dealing with these situations. Countries similar France person looked astatine options similar raising the status age, a determination which led to backlash from voters.

For much perspective, cheque retired however the modular status property successful the U.S. compares to respective European countries.

Let’s commencement with the rules successful the U.S. According to the Social Security Administration, if you discontinue astatine 62 — the earliest imaginable Social Security status property — your payment is little than if you wait. If you were calved 1960 oregon later, afloat status benefits are payable astatine property 67.

If you spell by statistics, that means astir 1 decennary of afloat retirement, since the mean beingness expectancy successful the U.S. is 77.5 years, according to the National Center for Health Statistics. According to the Mercer CFS Institute Global Pension Index, which benchmarks status income systems astir the world, the U.S. has a people of 60.4. For comparison, the Netherlands is No. 1 with an scale of 84.8.

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France raised the status property to 64, arsenic agelong arsenic the retiree worked for astatine slightest 43 years. When it came to the Mercer Index, France edged retired the U.S. with a people of 68.

As for mean beingness expectancy, it’s rather a spot higher for France than the U.S. The mean beingness expectancy successful France is astir 82.

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The U.K. did amended than the U.S. connected the Mercer Index — it scored 71.6.

When it comes to status age, according to Age UK, “State Pension property is gradually expanding for men and women, and volition gradually emergence to 67 for those calved connected oregon aft April 1960.” As for the mean beingness expectancy, it’s astir 82.

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The status property successful Norway is akin to the U.S. astatine 67. However, determination are options for pension pay-outs starting astir property 62.

When it comes to the Mercer Index, Norway has a people conscionable implicit 75. In general, determination whitethorn beryllium much years to bask retirement. Norway has a precocious mean beingness expectancy adjacent 83.