Ten Countries Paying People to Retire

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10. Czech Republic
> Pension Replacement Rate: 50.2%
> Male/Female Retirement Age: 61/58.7
> Male/Female Life Expectancy: 79/81.8
> Sovereign Debt as percentage of GDP: 36.6%
> Employment Rate: 65.3%

The Czech Republic manages to pay 61-year old males with a median income more than half his salary prior to retirement. The deal gets even better for women, whose retirement age of 58.7 is the fourth lowest of all of the countries measured by the OECD. Still, pension spending is 9.1% of GDP, lower than any country on the list except for Turkey. Meanwhile, the country’s debt as a percentage of GDP is 36.6%, lower than all countries on the list except for Slovenia and Luxembourg.

9. Portugal
> Pension Replacement Rate: 53.9%
> Male/Female Retirement Age: 65/65
> Male/Female Life Expectancy: 83/85.3
> Sovereign Debt as percentage of GDP: 88%
> Employment Rate: 65.2%

In Portugal, both men and women retire at 65, an old retirement age compared to the majority of countries on the list. But at retirement, the pension replacement rate is 53.9% for median income workers, and that number rises to 69.2% after taking into account tax benefits. But Portugal is struggling fiscally, and with sovereign debt accounting for 88% of GDP, it still has a long way to go to reach fiscal health. Meanwhile, its long-term unemployment rate for people age 15-64 is 5.64%, tied with Greece for the second-highest on this list and tied for the fourth highest among all OECD countries.

8. Finland
> Pension Replacement Rate: 57.8%
> Male/Female Retirement Age: 65/65
> Male/Female Life Expectancy: 82.4/86.1
> Sovereign Debt as percentage of GDP: 41.7%
> Employment Rate: 68.4%

The retirement age for both men and women in Finland is also 65, but retirees get 57.8% of their income prior to retirement. Finland currently pays out 12% of its GDP in public pensions, which is the sixth highest out of the 31 countries for which the OECD has data and well higher than the OECD average of 8.4%. But the high pension spending hasn’t necessarily taken an undue burden on the country’s overall fiscal health. Finland’s sovereign debt of 41.7% of GDP is far better than countries such as Greece and Italy.

7. Slovenia
> Pension Replacement Rate: 62.4%
> Male/Female Retirement Age: 63/61
> Male/Female Life Expectancy: 80.3/84.9
> Sovereign Debt as percentage of GDP: 36%
> Employment Rate: 65.8%

In Slovenia, men can retire at 63 and women at 61. When they retire, Slovenians are paid 62.4% of their salaries. It gets even better after taxes, where the net pension replacement rate is as high as 85.4% for workers making the median income. This is higher than all but four countries on the list. Despite this, Slovenia’s sovereign debt as a percentage of GDP is 36%, the lowest on this list except for Luxembourg.

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6. Turkey
> Pension Replacement Rate: 64.5%
> Male/Female Retirement Age: 44.9/41.0
> Male/Female Life Expectancy: 75/78.8
> Sovereign Debt as percentage of GDP: 42.9%
> Employment Rate: 46.8%

The retirement age above isn’t a typo — men retire at 44.9 in Turkey and women at 41. Despite the early retirement age, the country still pays out 64.5% of a person’s salary for retirement, which on average lasts for more than 30 years for men and nearly 38 years for women. Net replacement rates are even better. Turkey’s 93.1% payout is better than all countries except for Greece and Luxembourg.

Fortunately for Turkey, the generous pensions haven’t taken a significant toll on the government. The country’s debt is only about 43%, far better than countries such as Greece and Italy. Furthermore, only 7.3% of GDP is spent on pensions, the 10th lowest out of the 31 countries for which the OECD provided data, which is more remarkable given the early retirement age. The country also spends $7,960 per person on health care, the best out of any country the OECD measured.