RETIREMENT was once something that happened when we were too old to work, and the average pensioner did not live for very long after giving up the daily grind – that cut-off age of 60 or 65 was the end of one's active life and the beginning of 'elderly' status. But nowadays, retirement is often considered to be when our lives start, not finish – and it is quite feasible to be living on a pension for more years than you lived on a salary.
And recent research has confirmed this – the top 10 countries where your pension lasts you the longest have been revealed and, of course, Spain features among them.
Personal finance price comparison site Compare the Market analysed countries that form part of the OECD (Organisation for Economic Cooperation and Development), which more or less covers the world's wealthiest, and most of the emerging, national economies.
When working out where pensioners got the most out of their pot, Compare the Market looked at official retirement age in each nation, actual retirement age – based upon those who are able to give up work earlier, or those forced to work for longer to build up enough funds – and life expectancy.
Who's in the top 10?
Number 10 in the developed world for the longest-lasting pension is Finland, statistically one of the happiest countries on earth due to its exceptional quality of life, although conversely, statistically one of the countries with the highest suicide rate, thought to be influenced by its long, harsh winters and limited hours of daylight for several months of the year. But its retired population has good reason to be part of the first of these groups, given that they typically get to pack up work before their official retirement age of 65 – the average Finn drops out of the rat race at 63.85 years.
With Compare the Market's calculations that a pension in Finland lasts for 21.3 years, this would mean an average lifespan of 85.15 to 86.3 years, depending upon whether the clock starts to run from State pension age or actual retirement.
Australia is at number nine – home to what is officially claim...
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