retirementage

Retirement age refers to the age at which an individual becomes eligible to retire and receive government or employer-sponsored pension benefits, or the age at which many people stop working full-time. It is determined by a country’s pension system and labor policies, and it often shapes personal savings, housing decisions, and career planning.

Statutory retirement age is the legally defined age for full pension entitlement. Many systems also permit early retirement with reduced benefits, or late retirement with increased benefits or continued earnings. Some regimes index the retirement age to life expectancy or adjust it gradually to reflect demographic changes and fiscal sustainability.

Examples and regional patterns: In the United States, the full Social Security retirement age ranges from 66 to 67 depending on birth year, with the option to claim earlier at a reduced benefit. In the United Kingdom, the state pension age has been gradually increased and is expected to continue rising in coming decades. In Canada, eligibility for the Old Age Security program generally begins at 65, with Canada Pension Plan retirement benefits payable as early as 60 (reduced) or as late as 70 (increased). Across the European Union and many other high-income countries, statutory ages commonly fall in the mid-60s, with reform debates focused on sustainability amid aging populations.

Policy considerations: Governments balance lifetime earnings, poverty among older people, labor force participation, and intergenerational equity when adjusting retirement ages. Flexible retirement options, phased work arrangements, and incentives to defer retirement are often part of reform packages to address demographic and economic pressures.