Where Can You Retire Youngest? Exploring the World's Most Generous Retirement Policies

The dream of retiring early persists globally, yet the reality tells a different story. As populations age and pension systems face mounting pressure, most countries are gradually pushing retirement ages higher. However, a select group of nations still offer some of the world’s youngest retirement age policies, allowing workers to exit the workforce significantly earlier than their counterparts in developed Western economies. Understanding these variations reveals how diverse global approaches to retirement and social security truly are.

The Global Backdrop: Why Early Retirement Is Becoming Rarer

Before examining specific countries, it’s crucial to understand why the trend toward later retirement ages dominates globally. Life expectancy has increased dramatically over recent decades, meaning pension funds must stretch further to support retirees for longer periods. This demographic shift has forced governments worldwide to recalibrate their retirement systems, often incrementally raising the age at which workers can claim benefits. Yet certain nations—particularly in Asia and parts of the Middle East—maintain relatively younger retirement thresholds.

Asia’s Early Pathways: Indonesia, India, and China

The youngest retirement age in the world landscape is dominated by Asian countries, where several nations permit workers to leave the workforce well before age 60.

Indonesia: 57 Now, Gradually Rising to 65

Indonesian workers can currently retire at 57—among the most permissive policies globally. However, the government has enacted a gradual increase: the retirement age will climb to 58 in 2024 (already implemented), with further year-by-year increments scheduled every three years until reaching 65 by 2043. Private sector workers fund the state-run social security program through regular contributions, and upon retirement, they may elect either a lump-sum payout or a combination of immediate payment plus ongoing monthly benefits.

India: Varied by Sector, Generally 58-60

Indian workers face a more complex system. Government employees retire at 60, while retirement ages in other sectors typically range from 58 to 60, depending on industry. The framework changed in 2020 when Kerala’s state government raised government worker retirement age to 60, a move other states have replicated. India’s pension architecture comprises employee-contribution programs and employer-managed funds. The Employees’ Pension Scheme requires workers to be 58 with at least ten years of contributions, while the Employees Provident Fund sets a lower threshold of 55 years old. These programs primarily cover government employees and private sector workers at companies with 20+ staff—representing only approximately 12% of India’s total workforce.

China: Gender and Job-Type Variations at 45-60

China’s retirement framework is among the world’s most differentiated by gender and occupation. Men typically retire at 60, while women face a more nuanced structure: 55 for white-collar positions but just 50 for blue-collar workers. Those in physically demanding roles can retire even earlier—women at 45 and men at 55. Pension provisions include two tracks: the basic pension pays 1% of average wages for each year of coverage (requiring minimum 15 years of contributions), while the defined-contribution pension requires workers to allocate 8% of wages annually into individual accounts, with benefit levels calculated based on age and national life expectancy metrics.

The Middle Eastern and South African Model: 58-60 Thresholds

Saudi Arabia: Equal Access at 58

Saudi Arabia permits both men and women to retire at 58—a notably uniform policy. Workers contribute to a mandatory public pension system and can draw benefits at 58 with at least 10 years of contributions (120 months), or at any age with 25 years of contributions (300 months). A significant policy shift occurred in 2023 when the government increased minimum pensions for retirees by 20%, signaling commitment to supporting early exiters financially.

South Africa: Universal 60-Year Threshold

South African pension eligibility begins at 60 for both genders. The public pension operates on a means-tested basis—citizens aged 60+ with limited income and assets qualify for an “older person’s grant.” Beyond this safety net, voluntary private pensions exist, funded through employer and employee contributions, providing supplementary coverage.

Europe and Latin America: Transitioning Upward

Russia: Currently 55-60, Rising to 60-65 by 2028

Russian men can currently retire at 60 and women at 55—reflecting historical policies favoring women. However, this landscape is changing. The government plans to raise retirement ages to 65 for men and 60 for women by 2028 as the aging population strains pension finances. An exception exists: workers with extended service records (men with 42+ years, women with 37+ years) can retire early, though they cannot access pensions until reaching the standard age thresholds. All workers contribute to the social security system, with a minimum eight-year contribution requirement before claiming benefits.

Turkey: Current 58-60, Phased Increase Toward 65

Turkish men currently retire at 60 and women at 58. A 2023 policy change affected those who enrolled in the social insurance program by September 8, 1999: men now require 25 years of contributions and women require 20 years to collect pensions. This reform responded to a 1999 law that lacked gradual implementation. Turkey is systematically raising retirement ages, targeting 65 for both genders by 2044.

Colombia: 57-62 Depending on Gender

Colombia permits women to retire at 57 and men at 62. The dual pension structure offers workers choice: a public pay-as-you-go plan or a private individual plan. Participants can switch between systems every five years (until ten years before retirement) but cannot participate simultaneously. Mandatory enrollment in one system applies to all employees.

Costa Rica and Austria: The 65-Year Standard

Costa Rican men and women both retire at 65 with a 25-year contribution minimum (300 months), though those with 15-20 years (180-300 months) receive proportional pensions. Supplementary benefits through individual accounts and voluntary defined-contribution pensions are also available. Austria similarly sets retirement at 65 for men; women’s retirement age is gradually increasing from 60 toward 65 by 2033. Austria’s defined-benefit system requires 15 years of contributions (180 months), with income-support provisions for low-earning retirees.

The Takeaway: Planning Matters Across All Systems

Across these diverse nations, a consistent truth emerges: achieving the youngest retirement age in the world requires years of consistent contributions. Whether participating in Indonesia’s 57-year-old framework or Austria’s 65-year model, workers must build sufficient tenure in their respective systems before accessing benefits. The global trend shows retirement ages climbing gradually, making early retirement planning increasingly essential for those aspiring to exit the workforce young. Understanding your country’s specific structure—whether defined-benefit, defined-contribution, or means-tested—becomes critical for realistic retirement expectations and adequate financial preparation.