💼 Early Retirement Around the World – What’s Possible and What’s Not

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Welcome Back, Future Funder!

Let’s face it—early retirement might sound especially tempting after:

• A grueling workweek,

• A long, draining commute,

• Or, worst of all, a call asking you to work this weekend.

But before you tell your coworkers to start planning your retirement party, there’s a lot to think about—starting with where you live.

Today, we’re taking a global journey to explore:

• How early retirement (ER) and financial independence (FI) work in different countries,

• Minimum retirement ages and how they differ worldwide,

• The role of savings habits and average wages,

• And their overall impact on achieving financial freedom.

Bon a petit! 🧑‍🍳

Main Course: 🌴Early Retirement and Financial Independence

As it happens, retiring early might be a dream come true for many, but you’ll first need to make sure you’re sufficiently independent in the area of finances to make this happen with no headaches.

🌍 Retirement Ages Around the World

When it comes to official retirement age, where you live matters—a lot. In some places, you can begin drawing a pension as early as 55, while others require you to wait until your late 60s.

One key factor influencing these differences is global life expectancy, which has risen dramatically:

• 1950: Average life expectancy was 46.5 years

• 2000: This increased to 66 years

• 2024: We’re now up to 79 years

In response, many countries have revisited their retirement policies, adjusting minimum retirement ages to reflect longer lifespans.

Here’s a snapshot of current minimum legal retirement ages for a full pension:

• France: 64 for everyone (starting 2030)

• China:

  • 55 for women in blue-collar jobs

  • 58 for women in white-collar jobs

  • 63 for men in any job

• Iceland: 67

• India: 65

• Japan:

  • 62 for women

  • 64 for men

• New Zealand: 65

• Norway: 67

• Saudi Arabia: 65

• Turkey:

  • 58 for women

  • 60 for men

• South Korea: 60

• United States: 66

As countries continue to adapt to changing demographics, keeping track of these shifts is essential for planning your early retirement goals!

🧾  The Realities of Achieving Financial Independence (FI) Globally

Early retirement often comes with a trade-off: less pension income. Achieving financial independence (FI) boils down to one simple formula:
Save more than you spend and invest the rest.

However, how easily you reach FI depends on three critical factors:

1. Wages

2. Savings rates

3. Living costs

Here’s a look at how this plays out in different countries:

1. United States: The Land of Hustle

• Median Income: ~$80,610/year (household)

• Savings Rate: ~4.6% (low compared to other countries)

• FI Challenges:

  • High healthcare costs

  • Burdensome student loans

• FI Strategies:

  • The FIRE movement encourages saving 50%+ of income.

  • Many rely on investments with a safe withdrawal rate of 4%.

2. Germany: The Land of Savers

• Median Income: ~$54,000/year (individual)

• Savings Rate: ~11% (much higher than the U.S.)

• FI Perks:

  • Universal healthcare and strong pensions reduce reliance on personal savings.

  • A culturally ingrained focus on stability and future planning makes modest early retirement attainable.

3. Australia: The Balanced Approach

• Median Income: ~$65,000/year (individual)

• Savings Rate: ~20% (boosted by mandatory superannuation contributions)

• FI Perks:

  • Employer contributions to retirement funds help Aussies save automatically.

  • A ‘bridge fund’ can cover early retirement expenses until retirees access their superannuation at age 60.

• FI Challenges:

  • High housing and healthcare costs can slow down early retirement plans.

4. Japan: Playing the Long Game

• Median Income: ~$23,000/year (individual)

• Savings Rate: ~30% (the highest on this list)

• FI Challenges:

  • A low culture of investing despite high savings rates.

  • High living costs, especially in urban areas.

• FI Strategies:

  • Many opt for semi-retirement, balancing part-time work with leisure.

  • The ‘silver workforce’ often sees retirees returning to work to supplement income and stay active.

🌟Key Takeaways:

1. Retirement Ages Vary

   • Legal retirement ages range from 55 in China to 67 in Norway.

   • Early retirees, however, often chart their own path by relying on personal savings and investments.

2. Savings Habits Matter

   • Countries like Japan (with a 20% savings rate) show how disciplined saving can make FI more achievable.

   • Still, cultural and economic factors, such as living costs, play a huge role in how far those savings go.

3. Investments Are Critical

   • The earlier your money works for you, the sooner you can leave the 9-to-5.

   • Popular investment strategies include index funds, real estate, and other reliable, income-generating assets.

4. Your Path May Vary

   • Factors like location, income, and lifestyle choices influence how quickly you can swap your desk for a deck chair.

Early retirement isn’t just about stepping away from the workforce—it’s about designing a life aligned with your dreams, values, and financial goals.

Wherever you are, remember: financial independence is a journey worth planning for.

Cheers to getting 1% better each week 🥂

P.S. - Are you working toward early retirement or already living the dream? Share your story - we’d love to hear your tips (and maybe take notes to share with our younger readers)!

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