Is it Time to Re-Think the Retirement Age for Women?
Enabling women to gain financial security in their 60s is one the key goals of the Sixty and Me Community. We have often discussed that “retirement,” in the traditional sense, is being redefined as women are staying healthier and living longer. In addition, many women genuinely enjoy the social connections that work provides.
We also know that state pensions are not always big enough or enable a good quality of life. Since I lived in the United States for most of my life, I have always thought of the retirement age as being 65. I was surprised to find out that many counties allow retirement on full pensions long before this time.
This article shares some interesting information regarding the countries that have the lowest retirement age. In Turkey, a women who has worked 25 years for an employer can retire at 45 and receive a full pension from her employer. The retirement age with full pension is 57 in Greece, 58 in Bolivia and 59 in Italy, Korea, Luxembourg and Hungary. However, many of these countries are now struggling to meet their pension obligations and are considering an increase in the retirement age.
So, the question is, with women living longer, and pensions getting relatively smaller compared to the cost of living, it is time to rethink the retirement age?
What are your thoughts on this? Do you think women should be allowed to work as long as they want? Is it fair to younger workers for older people to continue to stay in the workplace? Please leave your comments below.