The line segments in the chart represent the average length of the retirement period in various Organization for Economic Co-operation and Development (OECD) countries. Italy ranks first while Canada is near the median. Americans have a comparatively short life expectancy, owing largely to a high obesity rate, limited access to health care and one of the biggest income gaps in the world. While the average retirement period increased substantially in most countries since 1970, that trend is now stabilizing, and even reversing, as a result of slowing mortality improvements and increasing normal retirement ages.
Average years spent in retirement
by country
Normal
retirement age
Life expectancy
from 65
Years in
retirement
Italy
24.3
24.3
23.4
23.4
22.2
21.9
21.7
21.7
20.9
20.9
20.4
20.2
20.1
19.8
19.2
19.2
19.0
18.9
18.8
18.5
62
86.3
South Korea
62
86.3
France
63.5
86.9
Greece
62
85.4
Japan
65
87.2
Spain
65
86.9
Switzerland
65
86.7
Colombia
62
83.7
Sweden
65
85.9
Canada
65
85.9
Australia
66
86.4
Chile
65
85.2
Portugal
65.3
85.4
Ireland
66
85.8
Germany
65.7
84.9
Denmark
65.5
84.7
Britain
66
85
Netherlands
66.3
85.2
Norway
67
85.8
U.S.
66
84.5
70
80
MURAT YÜKSELIR / THE GLOBE AND MAIL,
SOURCE: FRED VETTESE; OECD
Average years spent in retirement by country
Years in
retirement
Normal
retirement age
Life expectancy
from 65
24.3
24.3
23.4
23.4
22.2
21.9
21.7
21.7
20.9
20.9
20.4
20.2
20.1
19.8
19.2
19.2
19.0
18.9
18.8
18.5
Italy
62
86.3
South Korea
62
86.3
France
63.5
86.9
Greece
62
85.4
Japan
65
87.2
Spain
65
86.9
Switzerland
65
86.7
Colombia
62
83.7
Sweden
65
85.9
Canada
65
85.9
Australia
66
86.4
Chile
65
85.2
Portugal
65.3
85.4
Ireland
66
85.8
Germany
65.7
84.9
Denmark
65.5
84.7
Britain
66
85
Netherlands
66.3
85.2
Norway
67
85.8
U.S.
66
84.5
70
80
MURAT YÜKSELIR / THE GLOBE AND MAIL,
SOURCE: FRED VETTESE; OECD
Average years spent in retirement by country
Normal
retirement age
Life expectancy
from 65
Years in
retirement
Italy
24.3
24.3
23.4
23.4
22.2
21.9
21.7
21.7
20.9
20.9
20.4
20.2
20.1
19.8
19.2
19.2
19.0
18.9
18.8
18.5
62
86.3
South Korea
62
86.3
France
63.5
86.9
Greece
62
85.4
Japan
65
87.2
Spain
65
86.9
Switzerland
65
86.7
Colombia
62
83.7
Sweden
65
85.9
Canada
65
85.9
Australia
66
86.4
Chile
65
85.2
Portugal
65.3
85.4
Ireland
66
85.8
Germany
65.7
84.9
Denmark
65.5
84.7
Britain
66
85
Netherlands
66.3
85.2
Norway
67
85.8
U.S.
66
84.5
70
80
MURAT YÜKSELIR / THE GLOBE AND MAIL, SOURCE: FRED VETTESE; OECD
Frederick Vettese is former chief actuary of Morneau Shepell and author of Retirement Income for Life.
Frederick Vettese