It is usually the age at which such a person may be entitled to receive superannuation or other government benefits, like a state pension.
[2] The first retirement age was set in Germany by Otto von Bismarck in 1881, originally at 70, before being reduced to 65 in 1916.
The United States adopted an initial retirement age of 65, under the bill of the Social Security Act of 1935.
Many European Union member states apply a retirement age of 65 years in the 2020s.
[14] The average of statutory retirement age in the 34 countries of the Organisation for Economic Co-operation and Development (OECD) in 2014 was males 65 years and females 63.5 years, but the tendency all over the world is to increase the retirement age.
[15] This is also reflected by the findings that just over half the Asian investors surveyed region-wide said they agreed with raising the retirement age, with a quarter disagreeing and the remainder undecided.
[16] Brazil also requires workers to have contributed to social security for a minimum amount of time before they become eligible to claim benefits.
Starting January 1, 2019, the retirement age as referred to in paragraph (1) will be 57 (fifty seven) years.