6 Facts: Pensions for the Aging Workforce
Where you live can have a huge impact on your pension benefits.
1. In the United States, about 60.9% of people aged 55 to 64 are employed (as of 2013).
2. Older workers in the United States have an employment rate that is similar to Canada’s (at 60.5%), Denmark’s (61.6%), Australia’s (61.5%) and Germany’s (63.5%).
3. Throughout the 34 OECD countries, the average retirement benefit is equal to 65.9% of a worker’s pre-retirement income.
4. In the United States, pension benefits are considerably lower than the OECD average, at just 47.3% of pre-retirement earnings.
5. Pension benefits replace an even lower amount of pre-retirement income in the United Kingdom, at 41.8%. Perhaps as a result, 59.8% of older workers in the UK are still in the workforce.
6. In the Netherlands, the average Dutch worker receives very high pension payments — equal to 101.1% of their pre-retirement income.
Source: OECD with analysis by The Globalist Research Center