The retirement age and the future of Social Security have been big topics this presidential election season. The topics have especially caught the attention of many working Americans amid talk about potential cuts to benefits and the future for the system itself and those who will be retiring in the coming decades.
The United States is far from the only country dealing with these situations. Countries like France have looked at options like raising the retirement age, a move which led to big backlashes from voters.
For some more perspective, here’s a look at how the standard retirement age in the U.S. compares to several European countries.
United States of America
Let’s start with the rules in the U.S. According to the Social Security Administration, if you retire at 62, the earliest possible Social Security retirement age, your benefit is lower than if you wait. If you were born 1960 or later, full retirement benefits are payable at age 67.
If you go by statistics, that means about one decade of full retirement since the average life expectancy in 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 retirement income systems around the world, the U.S. has a score of 63. For comparison, the Netherlands is the top one with an index of 85.
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France
France raised the retirement age to 64, as long as the retiree worked for at least 43 years. When it comes to the Mercer Index, France is just behind the U.S. with a score of 62.
As for average life expectancy, it’s quite a bit higher for France than the U.S. The average life expectancy in France is over 82.
United Kingdom
The UK did better than the U.S. on the Mercer Index. It scored 73.
When it comes to retirement age, according to Age UK, “State Pension age is gradually increasing for men and women, and will gradually rise to 67 for those born on or after April 1960.” As for the average life expectancy, it’s about 81 in the UK.
Norway
The retirement age in Norway is similar to the U.S. at 67. However, there are options for pension pay-outs starting around age 62.
When it comes to the Mercer Index, Norway has a score just over 74. In general, there may be more years to enjoy retirement. Norway has a high average life expectancy near 83.
Spain
The standard retirement age in Spain is 66. Thanks to healthier lifestyles and diets, the average life expectancy in Spain is around 83.
The Spain pension system does leave some to be desired. That’s why its Mercer Index score is only about 61.
Germany
Along with Spain, the standard retirement age in Germany is 66. However, the plan is to bring it up to 67 by 2031.
As for the Mercer Index, it’s 66.8 for Germany. When it comes to the average life expectancy in Germany, it’s between 80 and 81 years.
