The Standard Retirement Age in the US vs. 5 European Countries

The retirement age and future of Social Security have been major talking points of late, with many working Americans concerned about potential cuts to benefits and the future for the system itself.

The United States is far from the only country dealing with these situations. Countries like France have looked at options like raising the retirement age, a move which led to backlash from voters.

For more perspective, check out how the standard retirement age in the U.S. compares to several European countries.

Let’s start with the rules in the U.S. According to the Social Security Administration, if you retire at 62 — the earliest possible Social Security retirement age — your benefit is lower than if you wait. If you were born 1960 or later, full retirement benefits are payable at age 67.

If you go by statistics, that means about one decade of full retirement, since the average life expectancy in the U.S. is 77.5 years, according to the National Center for Health Statistics. According to the Mercer CFS Institute Global Pension Index, which benchmarks retirement income systems around the world, the U.S. has a score of 60.4. For comparison, the Netherlands is No. 1 with an index of 84.8.

France raised the retirement age to 64, as long as the retiree worked for at least 43 years. When it came to the Mercer Index, France edged out the U.S. with a score of 68.

As for average life expectancy, it’s quite a bit higher for France than the U.S. The average life expectancy in France is around 82.

The U.K. did better than the U.S. on the Mercer Index — it scored 71.6.

When it comes to retirement age, according to Age UK, “State Pension age is gradually increasing for men and women, and will gradually rise to 67 for those born on or after April 1960.” As for the average life expectancy, it’s about 82.

The retirement age in Norway is similar to the U.S. at 67. However, there are options for pension pay-outs starting around age 62.

When it comes to the Mercer Index, Norway has a score just over 75. In general, there may be more years to enjoy retirement. Norway has a high average life expectancy near 83.

The standard retirement age in Spain is 66. Perhaps due to healthier lifestyles and diets, the average life expectancy in Spain is around 83.

The Spain pension system does leave something to be desired, however. Its Mercer Index score is only about 63.3.

Along with Spain, the standard retirement age in Germany is 66. However, the plan is to bring it up to 67 by 2031.

As for the Mercer Index, it’s 67.3 for Germany. When it comes to the average life expectancy in Germany, it’s between 80 and 81 years.