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For retirement, is 67 the new 65?

Raising retirement ages has become a global strategy for cutting pension costs and helping to guarantee benefits for more workers.

By Joyce Hanson | Updated on June 15, 2012

As life expectancies worldwide keep rising, countries around the globe may want to consider lifting the retirement age so they can continue to pay for national pension plans, the Organization for Economic Cooperation and Development said in a report.

Life expectancy at birth is expected to rise by more than seven years in developed economies over the next 50 years, the OECD says. The long-term retirement age in half of all OECD countries will be 65, while in 14 countries it is expected to range from 67 to 69. Increases in retirement ages are under way or planned in 28 of the 34 OECD countries, says the group’s Pensions Outlook 2012, published on June 11.

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