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25 years: The country with the world’s longest retirement

·2-min read
Paris : People walking under arch, near Comédie française, Palais Royal, colonnes de Buren, during epidemic Covid19 in Europe. This life scene is few days after the Covid 19 lockdown during spring 2020.  Paris in France, May 16th, 2020.
French people are expected to enjoy the longest retirement in the world. Comédie Fançaise, Paris, France. (Source: Getty)

Top quality champagne and wine, with world-class cheeses and bread; if there weren’t enough reasons to want to live in France, new research has shown that the French also enjoy the longest retirements in the world.

People living in France are expected to enjoy 24.8 years in retirement on average, according to an analysis of 36 countries by comparethemarket.com.

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The country has in place a minimum retirement age of 62 years old to receive a full pension, though OECD data shows they tend to retire early, at 60.8 years old.

Close behind the French are their Spanish and Greek counterparts, who can expect 24.15 years and 24.1 years respectively of retirement after their working life.

But Spaniards are expected to work for slightly longer than the French, with a retirement age of 65 years and 10 months, while Greece's retirement age is even longer, at 67.

In fact, European countries dominated the top 10 list of countries with the longest expected years in retirement, with Luxembourg, Belgium, Italy, Slovenia and Austria following behind.

Australia has the ninth-longest retirement in the world, at 21.55 years on average, though we don’t have a minimum retirement age.

(Source: Compare The Market)
(Source: Compare The Market)

Meanwhile, on the other end of the spectrum, Indonesians are estimated to have the fewest years to enjoy retirement, at 10.1 years.

Indonesians’ effective retirement age (defined as the average age that workers above 40 years old exit the workforce) is 72.5 years – meaning they’re expected to work until they pass away.

This is followed by India, with an expected 14.15 years in retirement, and then South Korea at 14.6 years.

Australians in retirement

On average, Australians tend to retire at 55.3 years old – but this is getting pushed back further and further, as our life expectancy also grows.

In the last five years, the average retirement age has actually increased to 62.9 years, according to AMP.

Australians are able to access their superannuation between 55 and 60 years old – but this actually depends on when you were born.

To access Australia’s Age Pension, you'll have to be 66 years old or older, and meet certain income and asset tests to qualify.

To retire, the Association of Superannuation Funds of Australia estimates you’ll need $545,000 for a ‘comfortable’ retirement if you’re a single person, or $640,000 if you’re a couple.

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