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With population aging and changes in legislation, developed countries are increasing the minimum retirement age.
Retirement: Developed countries raise minimum age
The minimum retirement age is rising in several countriesDenmark is the most recent case. In May, the country raised the minimum age to 70.
The increase follows a global trend. European countries have an average age of 64. This number is expected to continue rising.
The change is due to population aging. Low birth rates reduce the number of contributors. Therefore, social security systems need to adjust to remain viable.
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Why the minimum age is increasing
People are living longer and working longer. This requires a review of retirement rules.
Advances in health and quality of life extend productive capacity. Countries like Germany, France, and Italy are already discussing legislative adjustments to guarantee the right to retirement.
Minimum age in the world's largest economies
Among the 11 largest economies, the minimum age varies greatly:
- Italy: 67 years old, minimum contribution of 20 years. Less time = proportional value.
- United Kingdom: 66 years, increasing to 67 years between 2026 and 2028.
- Germany: 65,8 years, expected to reach 67 in 2031.
- United States: 62 years for partial benefit, 67 for full benefit.
- Japan: 65 years old, with a minimum contribution of 40 years.
- France: 62 to 64 years old, depending on the year of birth.
- China: 55 years of manual labor women, 58 administrative, 63 men.
- India: 60 years old.
- Glen: 60 years reduced, 65 full, 70 maximum ceiling.
- Brazil: 65 men, 62 women.
- Russia: 63 years old.
Denmark leads the way in raising the minimum age
Denmark now has the highest retirement age in the world. The goal is to maintain a sustainable pension system.
Rising life expectancy makes this shift inevitable. Other developed countries will likely follow suit.
Social impacts and debates on law
Raising the minimum age is generating debate. For example, unions claim the measure ignores inequalities in the workplace.
Furthermore, more demanding professions may be unfairly affected. On the other hand, the adjustment protects the economic viability of retirement systems.
The future of retirement in developed countries
Experts point out that adjustments will be ongoing. Therefore, new rules must balance sustainability and pension rights.
Furthermore, digitalization, increased longevity, and professional changes require flexible solutions. Thus, the challenge is to guarantee retirement rights without compromising the present.
In short, the minimum retirement age is rising globally. Meanwhile, Denmark leads the way with 70. Thus, the world is watching: how can the right to retirement be maintained in times of an aging population and low birth rates?
Solid suggestions — would be great to see a downloadable checklist.