It isn't accurate as the legal age, because French President Macron is meeting opposition from labor for wanting to raise the legal age from 62 to 64.

Macron’s Government Unveils Plan to Make French Work Longer

Emmanuel Macron’s government presented a plan to gradually raise France’s minimum retirement age to 64 by 2030 from 62, sparking anger among labor unions who immediately called for strikes to protest the reform.

www.bloomberg.com

 

It isn't accurate as the legal age, because French President Macron is meeting opposition from labor for wanting to raise the legal age from 62 to 64 ...

This chart seems to have closer to current and what is being proposed.

It seems Denmark is currently close to age 65 and is moving towards age 75. France shows as age 65, which Bloomberg says is 62.

It seems a bit inconsistent but I haven't dug out the full details though.


Cheers

 

Is there a definition somewhere that tells what the difference "normal" and "legal" retirement ages?


Cheers

 

Ha. Seriously.

I would say "traditional" retirement is an age range between 60-65.

You can get CPP at age 60 but with reductions.

Anything significantly less than age 60, is early retirement.
Anything after age 65 is simply retired later.

That's kinda my frame of reference.

 

I do not know what normal or legal means.

I know people who have retired at 52. Others still working in their 70's. DB's are few and far between now however many existing one focus maximum benefits on years of service or a combination. not age. My DB was based on retirement at age 62. CPP can pay out from ages 60 to 70. OAS from 65-70.

For many there are only two parameters. When they can afford to retire and when they actually retire.

 

I do not know what normal or legal means.

Not well defined parameters I gather. I guess in Canada legal would refer to when one is first able to receive OAS so that is hardly a truely defining line. The normal here is likely just based on surverys.

 

There is no "legal" age for retirement in Canada. However, it would be considered "illegal" (in the eyes of the laws, not some entity or someone else) to force someone to retire at age 65, 70 or any age for that matter.

As for the "normal" retirement age, ask Mr. Vettese, the mathematical expert on life expectancy. That "age" retirement goal post keeps changing depending on which political party is in charge or who pays him to say what.

 

There is no "legal" age for retirement in Canada ...

Which is one of the factors of why I am wondering what the OP or where ever the title "Norman or "legal" retirement age" means by these two terms.

As for the "normal" retirement age, ask Mr. Vettese, the mathematical expert on life expectancy. That "age" retirement goal post keeps changing depending on which political party is in charge or who pays him to say what.

Personally ... for "normal retirement age", I am more likely to care about the age that a reduction to what's been earned will apply to the private/public pension that is in effect when I retire.

Which might be the same or different than the OP's title is about.


Cheers

 

There used to be mandatory retirement at age 65 in Canada, but that was removed years ago. I remember people forced to retire at work who weren't happy about it.

Fred Vetesse is pretty much in the delay all benefits and work until you drop camp.

 

There used to be mandatory retirement at age 65 in Canada, but that was removed years ago. I remember people forced to retire at work who weren't happy about it.

Fred Vetesse is pretty much in the delay all benefits and work until you drop camp.

... pretty much but if you paid him "enough (aka handsomely)", he can change that age to something else to better fit you.

 

Those kinds of charts are used by those who advocate governments reduce spending by raising the qualification age, as proof people are delaying retirement anyways.

What the charts don't show is if people are working longer WHILE they are collecting government benefits.

That is entirely different than forcing people to work because they have no benefits yet and can't afford to stop working.

 

Denmark's retirement age on average has risen from 63 to 65 over the past years. I don't know where age 75 comes from.

Denmark: average retirement age 2022 | Statista

 

I retired at 58/59. My father retired at 59.

So this was a 'normal' retirement age for me.

 

Ya, age 65 seems "normal" for the most part.

 

My dad retired at age 58/59 many years ago, he actually wanted to retire around 54/55. He was told that was considered early by the financial advisor. My dad asked what was considered 'normal', and back then they said 65, because it was based on when most of your government benefits (CPP, OAS, and GIS if applicable) would kick in without penalty. He was told he wouldn't get the full amount. My dad said if that's the reason, he didn't care to retire at the normal time. He was a business owner, so had minimal CPP (I think he might get a couple hundred a month now), and he would get a reduction for the OAS anyways because he immigrated to Canada as an adult.

He pretty much said, I don't care what normal is, he just wanted to know if he had enough money to do what he wanted. He had enough at 54/55 but did not retire because I was the wild card (and wild child) and was still in high school. He wasn't fully confident that I would launch or have to relaunch based on my teenage behaviors. He retired the year I got accepted into my facility and was pretty sure that was going to study to get through.

However, it was still considered 'early'. I think normal is based on that a majority of people require full government benefits for their retirement numbers. We just got our base financial retirement plan done, and they told us not to worry about CPP, OAS as it wasn't needed in our numbers, they also said that I could retire with a reduced pension at 55 as our other savings was more than enough.

I have a lot of collegues who make more than me, and say that can't afford any reduction and will go to the end until they get their full pensions.

 

^ Okay man, if you want to retire normally at age 65, then do so. But then I bet not.

 

The private DB pension that I belonged to paid out at age 55, albeit at a reduced amount. Full payout at 62. If you went before 62 the discount was either 5 percent/year or a reduced 3 percent/year based on service years plus age. Fully funded by the employer but only a 1 percent formula. Plus some optional employee/er matching add ons to pay for extras such as indexing, 100percent spouse, etc.

The employer changed the plan in 2000 to enhance the plan, to reflect earlier retirement, and provide optional matching for complementary enhancements.

They had to make significant additional payments to the DB during the mid 2000's to bring to plan up to a fully funded basis. Those who had the option of switching for DB to DC the the time of the 2000 plan enhancement and invested their commuted value did not do very well as I recall.