The privilege of retiring late in life seems to belong exclusively to the most developed countries, new research suggests.
Norway has the oldest official retirement age for men and women since the 1970s – 67 years old.
But the good news is the country has a flexible retirement financial strategy that allows Norwegians to draw pension from the age of 62.
The lowest official retirement age is 49 years old in the United Arab Emirates, although expats are expected to work until they are 60.
The age was as low as 40 in 2007 and is expected to rise to 50 soon, says data from Aperion, a care and assisted living company.
Over 65s set to double in number
A retirement age range of 65 – 67 years old is in place in many European and North American nations as well as Peru, Nigeria, Madagascar, Australia, New Zealand, Botswana and Afghanistan.
In South America, much of Africa, India, the Middle East and Eastern Europe, retirement comes earlier, between 59 and 64 years old.
The age drops significantly in Russia, Venezuela, Iran and a few other countries closer to the age of 60. China has the second lowest retirement age – 56 years old – although this may change as so many of the population are over 56 years old.
Meanwhile, other research by the company has revealed that the number of people aged 65 and over will double to 20% of the global population by 2050.
The data shows that all the countries where 20% or more of the population are aged 60 or over are developed nations in the northern hemisphere, except for Australia and New Zealand.
The US has the fastest growing population of over 60s, which is expected to surge by nearly 11% between 2015 and 2030.
Japan takes second place with an elderly population growth rate of almost 10% over the same period. The country also has the fewest young people to look after each over 65-year-old (2.1)
“Many middle-age adults find themselves stuck between caring for their children while simultaneously caring for their parents or elderly relatives. Some countries have a worrying outlook for the number of people available to care for the aging population,” says the Aperion web site.