View Full Version : What is the retirement age in your country?
03-22-2012, 07:49 PM
Here in the USA there is no 'must retire at' age, unless you are in certain professions, like law enforcement for example (my handyman said he had to retire at 55 because he worked in that field). May be the military/airforce have some age limits, but in general, for most professions people dont' have to retire at a certain age. One of my coworkers is 75, and he is a very good engineer (we all are engineers in my group). I remember that W.L.Gore had hired an 80 year old employee years ago. If you can do the job, you don't have to retire.
I have heard that in other countries there is a fixed retirement age. Germany-65, India-60. I don't know about others. I am curious as to what kind of retirement ages (or no fixed retirement age, like in the USA) there are world wide. It would be frustrating for a healthy, motivated individual to be forced to retire just because he/she hit a landmark age. Of course politicians are exempt in all countries, I think.
03-22-2012, 08:41 PM
Vash - I wouldn't even say it's by profession in the US, it just depends on the specific company or agency. The law firm I work at hasa mandatory retirement age for partners, which is 70, but none for anyone else. This has caused some hard feelings with some of the partners, but the thing is, the membership voted it that way in the first place :lol:
Also, although these days it's becoming rarer, you could retire with a full pension after serving a specific number of years. Which is how you got the so called "double dippers".
03-22-2012, 08:56 PM
My mom works somewhere with a mandatory retirement age which she is approaching. Which is too bad because she's still sharp as a tack.
65 I believe but that could possibly change by the time I am ready to retire.
65 (sort of) - it's not mandatory.
03-22-2012, 09:19 PM
(U.S.er) I work for the fed. I will have wait until age 66 to collect full retirement and social security. My younger peers will have to wait until age 67. You can collect even higher social security if you wait until age 70.
I think the goal is to eventually get the social security retirement age for everyone up to age 70. That's OK if you have an office job, but I don't know how that will pan out for people doing physical labor. I think it will also be a problem for people who get laid off in their 50's and 60's.
I work at a medical research facility. It is not unusual for the scientists to work into their 80's, but they usually drop supervisory and management duties.
03-22-2012, 09:47 PM
I have heard that in other countries there is a fixed retirement age. Germany-65
03-22-2012, 10:31 PM
In Canada you can take your CPP retirement pension as early as 60, with a reduction factor of (this year) .52% per month, for every month you take it before 65. A full pension is 65, and if you wait past 65 to take it the factor goes up nicely. OAS (Old Age Security), a non contributory pension, is available at 65. Retirement depends on the company. A lot of places would have retirement after a certain number of years. Many people take their CPP at 60 and keep on working, either with their original employers or something different.
03-22-2012, 11:15 PM
It's partly profession, partly the company. For instance commercial pilots must retire at 65 (it used to be 60), regardless of who they work for. My husband's firm has a mandatory retirement age for attorneys at 70, but that is not profession mandatory. However, at 70 they can still work on a consultant basis, and get paid on a billing % rate, no more salary/profit sharing. If they work 20 hours a week they can maintain healthcare through the firm.
03-22-2012, 11:23 PM
In Canada you can take your CPP retirement pension as early as 60, with a reduction factor of (this year) .52% per month, for every month you take it before 65. A full pension is 65 Just curious, but if you take CPP at 60 for a reduced amount, will you then collect the full amount once you turn 65? Or will you receive a reduced amount for life?
03-23-2012, 01:08 AM
03-23-2012, 01:28 AM
65 here. Though entirely voluntary and you still get the pension even if you keep working. We also have one of the best pension schemes in the world.
03-23-2012, 02:29 AM
Just curious, but if you take CPP at 60 for a reduced amount, will you then collect the full amount once you turn 65? Or will you receive a reduced amount for life?
Reduced for life. Otherwise why would anyone wait - get part payment now and full payment at 65 there is nothing to lose and everything to gain.
Fortunately for me I worked at a company that had a "Rule of 80" clause. If you are minimum 55 years of age, as soon as your age + years of service = 80 you are entitled to an unreduced full pension. Of course full pension becomes better with additional time in most cases as there is a formula based on your best 5 earning years, but in my case, since I was laid off after almost 26 years, my pension was never going to get any better than it would be at age 55 so no point delaying because that is just throwing money away that I can never get back.
03-23-2012, 06:14 AM
65 in Australia but I kind of figure I am going to be working for the rest of my life.
03-23-2012, 11:32 PM
The new rules in Canada are that if you take your reduced CPP anytime before 65 and still work, you'll have to keep contributing and then receive a post retirement benefit starting the next year. The PRB is a new monthly amount that continues the rest of your life. If you're over 65 you can decide to stay in, or opt out. A nice way to increase your benefits if you didn't manage to contribute a whole lot on the way to 60.
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