The countries where people retire the youngest
China has the world's youngest retirement age, according to the OECD. This is partly due to a government policy from the 1950s that allows women to retire at 50 and men at 60.
According to the Organisation for Economic Co-operation and Development's (OECD) data, China has the youngest retirement age in the world. This distinction is partly due to a 1950s government policy that allowed women to retire at age 50, and men at age 60.
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Russia, Indonesia and Colombia are also countries with a relatively young retirement age. Vladimir Putin stated that Russia's population of working age was decreasing in 2019. In some countries, where workers can retire early, pension funds are at risk.
While retiring young sounds appealing, some people choose to do so to maintain a particular lifestyle. Others may be forced to continue working to pay their bills.
Some Chinese are staying in the workforce because the government hasn't funded them as much as they should.
High inflation in the US forced many Americans, even those in their 60s, to return to work in response to the covid-19 pandemic.
An aging population is a problem in all countries, even those with retirement ages of 64 or 65.
In France for instance, one out of four residents is older than 60. By 2040, this number is expected to rise to 1 in 3. Asia and Europe are the two regions that face the greatest challenges when it comes to providing support for residents 65 years and older. Japan's elderly population is 28%, while Italy's elderly are 23%. Finland, Greece and Portugal have about 22% people aged 65 or older.
China has the world's largest elderly population. The United Nations estimates that by 2050, 26% of China’s population will be 65 years old or older. This compares to only 12% in 2019 The United Nations projects that by 2050, about 26% of China's residents will be 65 and older. This compares to 12% in 2019.
The growth rate of the world population has slowed, even though it reached 8 billion people in 2022. As people retire around the globe, countries will need to figure out ways to support them and how the economy can continue with such a large portion of their population not in the workforce.