Denmark and Libya Share World's Highest Official Retirement Age at 70

Denmark will tie with Libya as the country with the world's highest official retirement age, set at 70 years, effective after a law passed in spring 2025. The change raises Denmark's retirement age from 67 to 70 for those born after December 31, 1970, and will be implemented gradually through 2040. This follows Denmark's previous alignment of its retirement age with life expectancy since 2006. The increase reflects global trends driven by longer life expectancies, aging populations, and fiscal pressures on pension systems. Despite this, many workers continue working well into their 70s, as there is no mandatory retirement age in most countries. In the U.S., while the legal retirement age is 67, the average effective retirement age is around 62. Efforts to raise the U.S. retirement age have been proposed by the Republican Party, including a suggestion to increase it to 69 by 2033. However, such changes remain uncertain amid concerns over Social Security's funding, which is projected to deplete by 2034. Financial experts recommend planning for a longer work life and maximizing retirement savings to address these challenges.