This article takes a look at the 5 countries with the lowest retirement ages in the world. If you prefer to check out our detailed analysis on navigating aging populations, you may go to 20 Countries with The Lowest Retirement Ages in The World.
5. South Korea
Retirement Age: 60 years
The retirement age in South Korea is set at 60 years, making it one of the countries with the lowest retirement ages in the world. The country has one of the fastest aging populations as well as the lowest birth rate in comparison to other countries. It is expected that the country will transition to a “super-aged society” by 2025, where 20% of the population will comprise seniors. The country is expected to undergo aging at a rapid pace, and experts forecast an “age-quake” by 2030-2040, provided the issue is not tackled.
4. North Korea
Retirement Age: 60 years (men), 55 years (women)
The legal retirement age in North Korea is 60 years for men and 55 for women. However, there are cases where military generals and central party cadres hold their posts, often till death. The elderly population has been rising in the country, and it is estimated that the aging population will face a growth of 14% by 2033, per reports from Borgen Project.
3. Indonesia
Retirement Age: 58 years
In 2013, Indonesia became an aging society with an elderly population of 18 million people. Today, the senior population stands at 19 million people. To prepare for this aging population, the government has been raising the retirement age from 55 by 1 year every three years, since 2014. This process will continue until 2043 when the retirement age reaches 65.
2. India
Retirement Age: 58-60 years
India has one of the lowest retirement ages in the world. The retirement age for private sector employees is 58 to 60 years, while it is 60 years for government employees. As of 2022, 149 million individuals were 60 years or older in the country. By 2050, it is estimated that this demographic will account for 20.8% of the total population, amounting to 347 million people. As such, the country should consider raising the retirement age for citizens to decrease the financial burden on the economy.
1. Thailand
Retirement Age: 55 years
Thailand is said to be “sleepwalking” towards an aging crisis. Thai Health Promotion Foundation reports that the country became an aged population last year in 2022, with seniors making up 20% of the total population. Due to the increasing proportion of elderly people in its population, the country is set to experience both a shrinking population and a decrease in income generation for the country. A declining birth rate, coupled with medical care advancements are responsible for this rise in seniors in the country. The current retirement age set by the Social Security Office under the Ministry of Labor is 55 years, making it a country with the lowest retirement ages in the world.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a peek at 30 Best Places to Retire on $8000 a Month and 20 Countries with the Oldest Populations in the World.
