Who retires when: Countries with highest, lowest retirement ages

Retirement ages, or the age when the government starts its social security schemes varies around the world. An analysis of the World Bank data for 177 countries shows that in roughly half of them the full-benefit retirement age is 60 years or more. Here's a list of countries with 5 lowest and 5 highest retirement ages.
Highest: Norway

Norway has the highest average age for retirement of 67.75 years. People in the country start retiring at 62-75 years depending on the earning-related benefits and pension. For the national pension, one has to retire at 67 years.
According to a study by Aperion Care, social science data indicates that Norwegians expect to retire later than the present standard. For example, in 2003, Norwegians preferred to retire at 61. In 2013, the age rose to 64 and the present age limit is 67.

Highest: Iceland

The retirement age in Iceland is 67, but the average male Icelander actually retires at the age of 68.5. Public sector workers can retire at 65 but are allowed to work until they are 70. Women usually retire earlier than men because of health issues. The average early retirement age for women is just above 65 while the average retirement age for men is 70. The country has successfully designed incentives for retiring, which has encouraged a longer working life.

Highest: United States, Italy, Denmark, Ireland
 
The retirement age in the United States is 66 years, though the average retirement age comes to about 63. According to the government rules, age 62 is currently the minimum age to collect Social Security while 66 is considered "full retirement age‚??.
While the retirement age in the US has risen since the 1990s, the report points out that the 65+ population "tends to switch to part-time work‚??.
Not just the US, 66 is also the retirement age in Italy, Denmark and Ireland.

Highest: The Netherlands, Germany, Spain, France, Finland
 
The retirement age in The Netherlands has been increased to 66 years in 2018 from 65.75 in 2017. From 2009 to 2018, retirement age in Netherlands was about 65.25 years. The Netherlands is frequently recognised as having one of the world's top ranking pension systems by the Melbourne Mercer Global Pension Index and is also a favoured destination for retired folks.    
Finland's retirement age also falls in the same range of 65 to 66 years. The retirement ages in France is 65.25, Germany and Spain, at 65.4.
 

Highest: Australia
 
There is no longer a fixed retirement age in Australia. Many people choose to retire when they become eligible for pension, i.e. 65.5 years.
But Australia has raised the retirement age to 67 years for those born after 1957, and those still in the workforce plan to retire later rather than sooner.

Lowest: United Arab Emirates
 
Natives of the UAE have an official retirement age of 49 years, although expats-non-UAE nationals-have to stick it out till the age of 60.  Expatriates who are older than 60 years are allowed to work up to the age of 65 years after obtaining approval of the Minister of Human Resources. After the age of 60, labour cards are renewed annually.
UAE nationals working in government and private sectors are eligible for pensions and other retirement benefits. Expatriates are entitled to a pension, which is based on their average salary during the last few years of employment.

Lowest: China

China has one of the biggest gaps in retirement ages between men and women. China's retirement age is 60 years for men, 55 years for female white-collar workers and 50 years for female blue-collar employees. The average age in the country is 56.25 years.
Since 15% of the total population is already at retirement age or even older, there are rumors that the government would revise the age to help combat the effects of an unbalanced labour population. Though the government is trying to increase pension and other social insurance coverage, the majority of workers still lack an effective social welfare safety net.
As the workforce gets older, China's pension shortfall is emerging as the next big challenge for policymakers . China's retirement funding gap is $11 trillion and is expected to rise to $119 trillion in 2050.

Lowest: Russia

In Russia, the retirement age is set at 60 years for men and 55 years for women. Russian President Vladimir Putin recently signed a law raising the retirement age for state officials - 65 years for men and 63 years for women.
Lowest:  India

In India, retirement comes quite early at 58 years for private workers, while employees in the government sector retire at the age of 60 years. Many older Indians have continued to work past official retirement due to rampant poverty and familial obligations.
On retirement, an employee normally receives certain benefits, such as gratuity, provident fund, pension, leave encashment allowance, retrenchment compensation and others.
 

Lowest: Japan

The average retirement age in Japan is 60 years. In 1998, the government had raised the age from 55 to 60 years, which has been rising ever since.
Roughly one in four Japanese are 65 years or over - that proportion is expected to rise to one in three by 2025. The grim demographics, coupled with a reluctance to loosen tight immigration rules, have led to the worst labour shortages in Japan since the early 1970s. The government is trying to increase the retirement age in an attempt to pad shrinking workforce. By 2025, it's expected to be 65 years for both men and women.