Leave retirement age the same as it is: Poll
Improved healthcare and falling birth rates mean the average age of people in developed countries is rising. By 2050, some countries face the expensive prospect of having as many retirees as active workers, according to the Organisation for Economic Co-operation and Development (OECD).
The long-term retirement age in half of OECD countries will be 65, and in 14 of those countries it will be between 67 and 69.
And paying pensions to all those folks, particularly here in Canada, will be no mean feat.
Despite this, nearly half (47%) of all respondents in a recent Aegon study feel that the retirement age should remain unchanged, in spite of the need to offset increased longevity cost.
Only 17% fully agree that the retirement age should increase because of longevity, while others consent to longer working years, but with qualifiers.
19% feel that the retirement age should increase to match increases in life expectancy, albeit with an exception for employees in dangerous or manual jobs, and 12% say the age should increase, but be capped.
According to the OECD’S Pensions Outlook 2012, increases in retirement ages are under way or planned in 28 out of the 34 OECD countries. Canada being one of them (sort of) with recent changes to the OAS system.
The actual 'retired' numbers are all over the map, of course. In Korea, the average man clocks in until he's over 71, roughly a decade beyond the country's official retirement age; by contrast, his counterpart in Austria gives up the daily grind at about 59, or six years ahead of the official retirement plateau.
Here at home, we Canadians typically find ourselves leaving work at just over 63 years.
How long do people spend in retirement? In this country, just over 22 years for women and about 17 for men, who tend to work longer and die younger.
What do you see as the 'correct' retirement age for Canadians? What's your target number?
By Gordon Powers, MSN Money