The lowest Top 10 retirement age country in 2019
Here’s a list of countries that might interest you if you’re looking to retire young
While some may prefer being a part of the active workforce, others may have huge anticipation to be retired middle age, indulge themselves in various retirement activities, and enjoy the rest of their lives to the fullest.
Let us look at the top 10 countries, which have the lowest retirement ages, in 2019:
- Finland: 63
- Research linking life expectancy to retirement ages are becoming more apparent by the day. Finland, taking this into account, may increase the retirement ages by 2020.
- Japan: 62.7
Japan arguably has one of the world’s busiest workforce. This, however, is turning out to be inadequate considering Japan’s jobless rate being at 26- year lows. The prime minister o Japan is considering to increase the working-age to 70-75, in order to fight pension burdens and increase the workforce.
- Slovakia: 62.42
The retirement age at Slovakia is soon to be capped at 64. This is being considered as a rather ethical move by activists who think people should have much more after their life long service. While the case for men remain constant, women who raised one child would be able to retire at the age of 63.5, while those with two children at the age of 63 and those with three or more children at the age of 62.5
- Singapore: 62
The Retirement and Re-employment Act (RRA) states that the minimum required age in Singapore is 62 years. Employers, however, cannot dismiss employees based on their age. The RRA also states that employees will have to be re-employed above the age of 62 all the way up to 67 if they are eligible and choose to work in the organization.
- Sweden:61
Sweden also falls on the list of countries that are willing to increase the retirement age, in order to secure future pensions. In this case, they are planning to increase the working-age from 61 to 64, which is supposed to be carried out in stages, an will take full effect by 2026. As of now, the Swedish workers can legally retire at age 61, although some prefer to work till 64.5 years.
- India: 60
As of now, India is preparing to increase the retirement age and merge schools, given the critical scenario that lays ahead for them. The working population is set to increase by 9.7 million by 2021-2031, but that is estimated to take a huge decline as India faces the issue of plunging fertility rates, which can be to an unreplaceable extent.
- Bangladesh: 59
Unlike the majority on the list, Bangladesh plans to make no changes to the retirement age. The PM of Bangladesh states that an increase in retirement ages might vastly negatively affect the working population, as public servants would not be able to receive their due promotions, and the likelihood of promotion in lower tires would decline.
- Indonesia: 58
The provident fund benefits for both men and women are effective at or above the age of 55. As of January 2019, the retirement age has been increasing from 57 years and will continue all the way up to 65 years by 2043. Employees that have been in service for 15 years or more are qualified for a periodical pension, whereas the employees with less service time qualify for lump-sum payments. These policies, however, do not require retirement.
2.Russia: 57.5
For a westerner, it can easily be a shock to see people retiring this young, and that makes it the second lowest on our list. Recently, President Putin signed on an agreement to increase both the men’s and women’s retirement ages to be increased by 5 years, but sadly, many are estimated not to make it to retirement age because of their critically low life expectancy rates.
- UAE: 49
It is perhaps not surprising to find one of the world’s richest countries to have the lowest retirement age. UAE tops our list of having employees who require the youngest and proceed to enjoy life to the end.
The expatriates, however, have a much more delayed retirement age of 60 and might work till 65 if allowed by the minister of Human Resources and Emiratisation or the Undersecretary.
Retirement at age 60: How much do I need to retire at the age of 60 if I make $100,000 each year?
To find out more, watch Troy Sharpe's retirement planning video.
Assess your financial position To prepare for retirement, the first thing to do is to work out how much money you have now, how much you might have in the future and where it will come from.
Bring this information together by finding out:what assets (houses, savings, investments) you have and how much they are worthhow much super you have and when you can access itwhether you are likely to be eligible for the Age Pension and when you can apply for it.
Make a long-term financial planThe next step is to think about how your needs might change over time.
For instance, in the first few years of retirement, you might want to travel or take up a new hobby.
Later, you may want to replace your car or renovate your kitchen.
Further down the track, you may want to move into a retirement village.Think about how you can use your different income sources to fund the different stages of your life.
