9 countries where people can retire in comfort by 62

Sun, 07/28/2024 - 06:08

A stock photo of two people sitting on a bench and looking out onto the water. — Retirement ages vary worldwide. In countries like Greece, Luxembourg, and South Korea, the normal retirement age is 62.
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Retirement ages vary worldwide, from between 66 and 67 in the US to 57 for women in Colombia.
The normal retirement age is when people are eligible for full retirement benefits without penalty.
Countries like Greece boast a normal retirement age of 62.

Retirement looks different depending on the person — and the country.

In the US, people born between 1943 and 1954 can collect full Social Security benefits at age 66. For people born after 1960, the age jumps to 67.

The Organization for Economic Co-operation and Development (OECD) defines normal retirement age as the age at which people can receive full benefits without penalty, assuming they've worked a full career since they were 22 years old.

While the US retirement age is comparable to Iceland, Denmark, and the UK, other countries allow citizens to collect full retirement benefits earlier. In Colombia, for instance, women can retire when they're 57.

As of 2022, the average normal retirement age for men is 64.4 across the OECD's 38 member countries. For women, the average normal retirement age is 63.6.

These nine countries have normal retirement ages of 62 or below, according to the OECD's 2023 report on pensions. The report uses 2022 data — the latest available — that is based on information provided by countries to the OECD.

Greece

The normal retirement age in Greece is 62.

Famed for its gorgeous islands, rich history, and warm Mediterranean water, Greece is a hot destination for summer tourists and retirees.

South Korea

The normal retirement age in South Korea is 62.

According to the OECD, South Korea's pension system was developed in the late 1980s.

Luxembourg

The normal retirement age in Luxembourg is 62.

In 2023, Luxembourg's neighboring country, France, raised its retirement age from 62 to 64, sparking a public backlash.

Slovenia

The normal retirement age in Slovenia is 62.

Slovenia is known for its lakes, castles, and natural beauty. The country shares a border with Italy, Austria, Croatia, and Hungary.

Costa Rica

In Costa Rica, the retirement age differs for men and women. Men can retire by 62, and women can retire by 60.

Costa Rica's Nicoya Peninsula is a Blue Zone, meaning residents live longer and healthier lives than the global average.

Turkey

The normal retirement age in Turkey is 52 for men and 49 for women.

Turkey is an outlier with its early retirement age, but according to the OECD, it will rise to 65 for men starting work in 2022.

Colombia

The normal retirement age for men in Colombia is 62.

For women, the retirement age is 57, one of the lowest retirement ages among OECD member countries.

Indonesia

In Indonesia, men and women can retire by 58, making it a country with one of the youngest retirement ages.

Indonesia is not one of the 38 OECD member countries but is a candidate.

India

The normal retirement age in India is 58.

Similar to Indonesia, India is not an OECD member country but is a key partner of the OECD.

Are you an American who retired abroad? This reporter wants to hear your story. Reach out at jtowfighi@businessinsider.com

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economy, finance, Retirement, economy, Travel, social-security, Greece, south-korea, India, Indonesia, Europe

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9 countries where people can retire in comfort by 62