Have you ever dreamt of an early retirement? Spending the rest of your days sunning it up on a beach or travelling the globe?
Well, for people in Denmark this just got a lot harder as the retirement age will increase from 67 to 70 years by 2040.
The country ties its official retirement age to life expectancy and revises it every five years.
This got us thinking – where in the world can you retire the earliest?
The answer is Sri Lanka at the age of 55, a far cry from Denmark’s retirement age.
We take a look below at the country’s with the lowest and highest retirement ages across the world.
Where are the lowest and highest retirement ages in the world?
Coming in at number one is the sunny island of Sri Lanka, which has the lowest retirement age in the world at 55.
Kakh Harindra lives in Sri Lanka and works in business property development.
He told Metro that while the low age may seem positive, the grass isn’t always greener on the other side.
‘We have the sun, the fresh air, the glistening water,’ he said.
‘But some salaries here are quite low and many people are forced to work beyond the age of 55.
‘Life overall is good, but it would be better if the salaries were higher.’
Kakh believes the retirement age is too low in Sri Lanka and said it should not be lowered in the UK.
‘I’m 50, I have lots of energy and I want to work and a lot of other people are like that here in Sri Lanka,’ he said.
‘I feel like people can still work when they are 60 for example so it could be increased.
‘A lot of people want to work here to try and make a good living. Our country is still developing.’
The 10 countries with the lowest retirement age
Sri Lanka – 55
Indonesia – 58
Bangladesh – 59
Micronesia – 60
Slovenia – 60
Namibia – 60
Uruguay – 60
Mongolia – 60
Oman – 60
United Arab Emirates – 60
Only two other countries have a retirement age below 60 – Indonesia and Bagladesh.
In Indonesia, people can retire at the age of 58 and in Bangladesh when they are 59.
Other countries across the world where you can wave goodbye to work early at the age of 60 include Micronesia, Slovenia, Namibia, Uruguay, Mongolia (55 for women), Oman (55 for women) and the United Arab Emirates.
The 10 countries with the highest retirement age
Libya – 70
Italy – 67
Australia – 67
Netherlands – 67
Greece – 67
Israel – 67
Denmark – 67
Iceland – 67
United States – 66.7
Spain – 66.5
Now we come to the countries where it could feel like you have been working your entire life.
Up at number one is Libya, at the age of 70.
This is thanks to a law passed in the country which raised the age of retirement.
The law said that people need to have a ‘healthy physique’ in order to work and adhere to the ‘other legally established conditions for remaining in the service’.
By 2040, Denmark would be joint first in the world and have the highest retirement age in Europe.
Countries coming in next with retirement ages of 67 include Italy, Australia, Netherlands, Greece, Israel (63 for women), Denmark and Iceland.
The United States has a retirement age of 66.7, whereas Spain’s is 66.5.
What is Denmark changing the retirement age to?
The retirement age in Denmark will rise to 68 in 2030, 69 in 2035 and then 70 in 2040.
But as is expected, this announcement has been met by criticism by some in the country.
This includes Tommas Jensen, a 47-year-old roofer, who told outlet DK: ‘We’re working and working and working, but we can’t keep going.
‘I’ve paid my taxes all my life. There should also be time to be with children and grandchildren.’
Would you like to retire at 55, if given the option?
-
Absolutely, the sooner the better
-
I’d prefer to keep working as long as I can
-
It would depend on my health and financial situation
He said while the retirement age increase could be possible for office workers, it will prove more difficult for those with physical jobs.
Protests have taken place in the capital Copenhagen over recent weeks,with Jesper Ettrup Rasmussen, the chairman of a Danish trade union confederation, calling the increase ‘completely unfair’.
Could the UK change its retirement age?
At the moment in the UK people born between October 6, 1954 and April 5, 1960, start to receive their pension at the age of 66.
But this will gradually increase to 67 for people born after this date.
It could also change again in the future based on different factors, such as changes in life expectancy.
Get in touch with our news team by emailing us at webnews@metro.co.uk.
For more stories like this, check our news page.