Retirement ages are increasing worldwide as governments look to cut social security costs, which are on the rise as people live longer, according to a report from Mercer.
In Japan, the minimum age to qualify for benefits will be raised to 65 from 60 over the next six years, according to a report from Mercer. South Koreas normal retirement age of 60 will increase by one year in 2013 and again every five years until it reaches 65. Germany and Denmark will increase their normal retirement age to 65 from 60 between 2012 and 2029 and between 2024 and 2027, respectively.
Retirement ages in Norway and the U.S., at 67, are the highest of the 47 countries Mercer reviewed. The U.S. and Brazil have not made any recent retirement age changes.
Many countries have different retirement ages for men and women. In 2014, Colombias retirement age will climb to 62 from 60 for men and to 60 from 55 for women. Australia will raise the minimum qualifying retirement age for women to 65 from 60 to match the standard for men. The Czech Republic has been raising retirement ages by two months for men and four months for women every year since 1996 to reach target ages in 2013: 63 for men and 59 to 63 for women depending on the number of children raised, the report said.