Quick Bite | Retirement ages in G20 countries

Around the world the highest retirement age for men is in Italy at 67 and the lowest is in Indonesia at 58. This is looking at G20 countries. Nevertheless, interesting to see that Australia has the third highest retirement age at 66.5. The US has the fourth highest of those surveyed. “Retirement age” in this context is the age at which men will be eligible to receive the age pension – in Australia, 67 years old since July 2023.

Source: MacroVisor

The OECD in its analysis of retirement policies finds that Australia provides in its public pension schemes a “replacement rate” of income of about 40% (pension and super taken together). This is based on what a worker on average earnings is estimated to be entitled to under the system applying in 2020, if she or he works from age 22 until normal retirement age. For low-paid workers, Australia’s means-tested age pension makes the payments more generous.

Apart from age pension considerations, what age do Australians actually retire at? The following chart is sourced from the Australian Bureau of Statistics (ABS), but note that it is a few years old and so might not reflects today’s figures accurately.

Source: ABS

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