Just The Facts

6 Facts: Pensions for the Aging Workforce

Where you live can have a huge impact on your pension benefits.

Credit: Thomas8047 - www.flickr.com

Takeaways


  • Where you live can have a huge impact on your pension benefits.
  • Roughly 30% of people aged 55 to 64 are unemployed or retired in the United States.
  • In the United States, retirement benefits are 18.6% lower than the OECD average.

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

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