A RETIREMENT age warning has been issued, as some people are set to retire at 81 by 2050, meaning a far longer time spent in the workforce in later life than ever before.
Retirement age is the time at which people usually depart from the workforce to consider other varied pursuits later in life – and many will be looking forward to the time at which they can leave their job. However, as time goes on, more people are spending a higher proportion of their lives in a working environment, which means less time to chase retirement goals and ambitions. Recent research has shown the extent of this changing trend, anticipating what age different people from various countries across the world can expect to retire over the next 29 years.
Analysis by Our Life Plan has shown that as life expectancy continues to rise across the world, the age of retirement is increasing in alignment.
The study showed Koreans are expected to be the oldest workers in 2050, with the effective retirement age of the population being 81.84 – nearly 82 years old.
This is followed by New Zealanders, who are expected to retire at an average age of 80 by 2050.
At present, Britons can expect to retire at 66, however, this does not mean there are no other changes on the horizon.
In fact, it is planned for the state pension age to rise to 68, although individuals can choose to retire before or after this.
This is because ‘default retirement age’ – a forced retirement age of 65 – no longer exists.
However, not all countries are set to see an uptick in the retirement age, and in fact, there is one in particular which is shifting downwards.
This is Greece, where people are expected to retire at just 57 years old. Predictions show they will be retiring near the age of 60 in 2025 – reducing to 57 by 2050.
It makes the country a particularly desirable place to work and retire, spending later life here.
By 2050, the average age of retirement for British citizens is also set to be 68 in line with the planned changes, but how does this measure up against other countries?
Britons who retire at 68 will therefore work 11 years longer than Greeks, but also nine years longer. “Brinkwire Summary News”.