Global retirement age will be 67 by 2050

Most countries will have a retirement age for both men and women of at least 67 years by 2050, according to research by the Organisation for Economic Co-operation and Development (OECD).

The report, Pensions at a glance 2013, found that this represents an increase from current levels of around 3.5 years on average for men and 4.5 years on average for women.

The report provides comparative indicators on the national pension systems of the 35 countries in the OECD, as well as Argentina, Brazil, China, India, Indonesia, the Russian Federation, Saudi Arabia and South Africa.

It also found that low earners have been largely protected from cuts in most countries and will receive in retirement around 70% of their earnings for a full career, while middle earners will receive on average only around 54% of their earnings upon retirement and high earners will receive only 48% of their earnings.

The OECD said that governments need to do more to encourage people to work longer and save more for their retirement, to ensure that benefits are adequate enough to maintain standards of living into old age.

It also said that policy action is needed to avoid rises in inequality among retirees and pensioner poverty.

Angel Gurría, secretary-general at the OECD, said: “Raising retirement ages and promoting private pensions are all steps in the right direction, but alone they are insufficient.

“Governments need to consider the long-term impact on social cohesion, inequality and poverty. Ensuring everyone has a decent standard of living after a life of work should be at the heart of policies.”