Age Of Retirement

[JJReyes]

In the United States, you can start collecting Social Security benefits at age 62 or delay it until age 70. There is a cut-off date, but "full benefit" Social Security use to be 65, now it is 66, and it will go up to 67 depending on your current age.

What is the situation in Australia, Canada and the United Kingdom? When can retirees start collecting benefits?

[Thomas]

In Sweden it's comparingly late, At 67 starts "full" normal retirement pay, but it's possible to retire earlier with reduced pay, I believe from 62 by just own choise. If having work, it's possible to go on later too, geting higher retirement pay per month when retire.

(Some formula where they adjust pay asuming men will die around 81, so the total pay is asumed to be higher if becoming older than 81.)

(My grandfather worked until he was 90 :) even more than full time during high season selling seeds and chickens for egg production. Earlier I planed to wait longer too before I start geting retirement pay, because if I get children after I'm 60, I have to go on some longer with my own company, if I want to go give chance for any of them to go on with it :) But because of the Philippines are so short of investment capital, I will perhaps partly retire earlier, if I have something good to invest in then. Not sure either if the government will have enough retirement money left if I wait :boohoo: :) because the prime minister said recently the retirement age better be changed to 74, because of people are in better health and get older, so there will be to many retireed compared to working people otherwice. But he seem to forgot to think of there are many unemployed allready. More unemployed people - geting unemployed security pay - wouldn't add much money to the government...)

[Dr. Cockroach]

hehehe... why not start paying when the person is dead?

Actually, this is what I told my social security admin worker when I went it asking for the rules. She said, you can start getting a % when you hit 62 but get it all when you hit 67!

Sounded like promising to pay me MY money but when I am dead!! Go finger!

Zanby.

[Dave Hounddriver]

What is the situation in Australia, Canada and the United Kingdom? When can retirees start collecting benefits?

Canada is in a state of flux right now. I can begin to collect as early as age 60 (in 2 and a half years ) but my brother, who is five years younger, cannot start to collect until age 62. My accountant told me that I can postpone the beginning of payments until age 70 (Trusting my memory here) and the longer you wait to begin, the larger the monthly payment will be. I'll take what I can get when I can get it before they change the rules.

In Canada they have a residency requirement. If you are not considered a Canadian resident at any time you are drawing your pension then they withhold 25% non residents tax. That is instead of paying Income tax but a resident would not have to pay Income tax if his income was less than about $2000 a month so it is a penalty for people like me and I fight hard to maintain a residence there.

Thats one reason I am just a tourist. A perpetual tourist.