What is the retirement age in your country?
@sweetloveforeve (13120)
Portugal
April 3, 2021 8:43am CST
In my country our retirement age right now is 66 years and 6 months old. I heard that in Germany you retire at 60 years old and there are some countries where you retire at 55 years old.
I know that everyone needs to work but I think the maximum age for work should be between 55 and 60 years old. More than that it's a nonsense to me. We are supposed to retire and enjoy our retirement and if we retire when we are almost 67 years old what will we enjoy of retirement?
6 people like this
6 responses
@porwest (92404)
• United States
3 Apr 21
Retirement here in the United States isn't really a set thing. Although there are benefits that don't kick in until certain ages. But that depends on the benefit and who is administering them.
For example, the earliest you can collect social security is age 62, although it is a reduced benefit. People can cash out or start withdrawing from 401k and other similar plans at age 59 1/2 without incurring penalties. Military and certain other public workers can collect pensions after something like 20 years of service, although many of these are not enough to live on, and most people do not retire after these kinds of jobs.
Retirement is more about personal planning, the way I see it. If one wants to retire sooner, there are ways to do it. Being frugal and wise about saving and investing is the key. One can either choose to not plan and have to have someone else dictate to them when they can retire. Or they take the bull by the horns, set their own plan and date, and do it on their own.
1 person likes this
@sweetloveforeve (13120)
• Portugal
4 Apr 21
I like the way it works in the USA from what you are telling me it sounds really nice in comparison with my country 
In my country years ago you could retire at 55 years old for example if you worked for the state and you would have only a small cut in your pension. So some people did that. Nowadays if you retire earlier, when you are 60 years old you would have a really big cut in your pension. Maybe instead of receiving 600 euros you would receive like 300 or something like that probably. I know that we receive cuts if we do that but don't know exactly how much.Besides that to retire earlier you need to have like 40 years of discounts. About the plan for retirement that you are speaking about I think the best thing to do is to take the bull by the horns and set our own plan and date and do that on our own
In my country years ago you could retire at 55 years old for example if you worked for the state and you would have only a small cut in your pension. So some people did that. Nowadays if you retire earlier, when you are 60 years old you would have a really big cut in your pension. Maybe instead of receiving 600 euros you would receive like 300 or something like that probably. I know that we receive cuts if we do that but don't know exactly how much.Besides that to retire earlier you need to have like 40 years of discounts. About the plan for retirement that you are speaking about I think the best thing to do is to take the bull by the horns and set our own plan and date and do that on our own 1 person likes this
@sweetloveforeve (13120)
• Portugal
5 Apr 21
@porwest You are absolutely right. My plan is to try to all monthes put some money aside instead of spending all the money I receive. That way in my future I might have a more comfortable life
1 person likes this
@porwest (92404)
• United States
4 Apr 21
@sweetloveforeve That's it exactly. Set your own path. Not sure exactly how opportunities are in Portugal as they are here. But if they are there, find them, pursue them, and take every opportunity to gain from them.
Money is never about how much you make. It is always about what you do with it.
1 person likes this
@cherigucchi (14876)
• Philippines
3 Apr 21
Mandatory is 65 but you can retire at the age of 60. But I guess there is also an option for early retirement
1 person likes this
@sweetloveforeve (13120)
• Portugal
4 Apr 21
Nice to know that. have a great day
1 person likes this
@owlwings (43910)
• Cambridge, England
3 Apr 21
In the UK the retirement age is 65. It used to be 60 for women but they are raising it by steps to be in line with men. There are many people who retire from the Armed Forces and other services earlier, with a pension, but go on to make a second career and there are quite a few who choose to work beyond their normal retirement age.
Anyone who is still fit and healthy at 65 will almost certainly be working in some capacity, often part time, and most will have supplemented their State Pension with a private pension of some sort. Personally, I have found that, even though my income is less than when I was working, my quality of life and disposable income has improved and I wonder, sometimes, where all that extra money actually went!
1 person likes this
@sweetloveforeve (13120)
• Portugal
4 Apr 21
Thank you for sharing that information with me. I find it very interesting to know how things are in other countries. I am happy that you are enjoying your retirement now and that the quality of your life and income improved
1 person likes this
@sweetloveforeve (13120)
• Portugal
4 Apr 21
That's great that people have the possibility to retire earlier
1 person likes this
@dodo19 (47336)
• Beaconsfield, Quebec
7 Apr 21
@sweetloveforeve for sure. It’s nice for those who can.
1 person likes this
@sweetloveforeve (13120)
• Portugal
8 Apr 21
@dodo19 sure it is. have a good day
1 person likes this
@ARIES1973 (11426)
• Legaspi, Philippines
3 Apr 21
Yes, in our country, the retirement age is 65 and 60 for optional retirement. An employee could also avail of the early retirement provided they have completed the 15 years in service.
1 person likes this
@sweetloveforeve (13120)
• Portugal
4 Apr 21
That's great that you have the possibility to retire with 60 years old
1 person likes this
