Pension: Retirement ages in the UK compared to other countries across the world

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Retirement is a goal and an ideal which is set by millions of people. After working often for a number of decades, many look forward to leaving their working lives and enjoying more relaxed later years, drawing their pension to provide them with financial support. However, the standard age for retirement differs when looking across the globe, according to new research.

A study undertaken by TheMoneyPig.com, personal finance experts, has revealed the traditional age people choose to leave work around the world.

The study analysed 41 countries right across the globe to find the age of retirement in each.

And those who were found to work for the longest amount of time were individuals from the Netherland and South Korea.

Men and women from these nations have been found to work longer than adults in any other country.

In the Netherlands, people generally work until the age of 68, with men and women working until 68 and 67 respectively in South Korea.

Following closely behind are a number of nations who have their retirement age set at 67 years old.

Norway, Italy, Israel, Iceland and Greece all have citizens who work into their late sixties before retiring.

However, at the opposite end of the spectrum is the United Arab Emirates.

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Under law, Emiratis are able to retire at the age of 49.

But those immigrating to the UAE are not as fortunate, retiring at 65 years old.

In Europe, retirement is not at a particularly old, nor particularly young age.

Many European countries including Denmark, Poland, Austria and Spain have a retirement age of between 65 and 66.

In neighbouring France, however, the standard retirement age varies for both men and women.

French men and women traditionally retire between the ages of 62 to 67.

And in the UK, the traditional age for retirement for both men and women is currently 65.5 years old.

However, this may rise due to the increase in the State Pension age which is currently being implemented.

A spokesperson for TheMoneyPig.com commented on the findings, stating: “Retirement ages differ slightly around the world but not massively.

“Looking at the data it would be fair to say that mid 60s is around the average age for retirement.

“What is important wherever you live, is to plan for your retirement so you can enjoy it without the financial concerns it can bring.

“It’s important to think about this early and to be realistic on just how much money you need, how much you can afford to pay in now and if there are ways you can boost your pension pot.”

There are, however, countries where the retirement age of men and women differ.

While many nations have made efforts to erase this discrepancy, in countries such as Jamaica, Gibraltar, Brazil, Qatar and Turkey, women are able to retire at a younger age.

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