A new study has determined which countries have the highest retirement age increase based on OECD covering 2000-2020.
The United States places 28th on the list with a 4.01% increase during this period, respectively.
Several other western nations feature in the top 30, including the Australia, Canada and the United Kingdom.
A new study by AgeCalculator.com reveals that United States has seen one of the highest increase in its retirement age over the last 25 years.
The study analyzed OECD data regarding retirement age in all countries available from 2000 to 2020, to discover which citizens have seen the highest increase.
Bulgaria takes the top spot with a 13.26% increase in the country’s average retirement age between 2000 and 2020. This results from the average retirement age among men and women in 2000 being 56 years old; in 2020, it went up to 63.
Second is Estonia, with an increase of 11.93%, while its neighbour, Latvia, ranks third with a 10.57% increase. Respectively, these countries had a retirement age of 58 and 59 in 2000 and 65 in 2020.
Further down on the list is New Zealand, the only non-European country in the top 10. The nation comes in fourth place with a 9.84% retirement age increase as well as highest retirement age on the list. Records show that the retirement age increased from 61 to a whopping 67 years old in 2020.
Hungary closes the top five with an 8.56% increase.
Two more eastern European countries follow closely: Romania is sixth with an 8.42% increase, and Slovenia is seventh with an increase of 8.35%.
Portugal, The Netherlands, and Lithuania round up the top 10.
A spokesperson for AgeCalculator.com commented on the findings: “The trend of retirement age increasing across many nations reflects a complex interplay of various factors. Some of these include the extension of people’s life expectancy, which has increased thanks to medical advancements, economic pressures that translate into people not being able to retire comfortably because of the rising cost of living, and shifting demographics, such as declining birthrates and aging populations.
“It is interesting to see how the data shows European countries among those with a steadily increasing retirement age, with a particular focus on eastern European countries, as shown in the top 10. The first Western European country is Portugal, followed by The Netherlands in eighth place, and we have to look even further down, in 15th place, to find another Western country, Italy.”
Data sourced from OECD; Methodology: The overall average retirement age for each country was calculated between the retirement age of men and women for 2000 and 2020. The difference in percentage was calculated between these two values. The countries were ranked based on the highest to lowest percentage increase.
