Millions of retirees and other Americans are waiting on the presidential candidates to provide more specific details about how they’ll protect Social Security if they win in November.
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While both Donald Trump and Kamala Harris have said they plan to protect Social Security, they have avoided giving many specifics on the campaign trail. Trump has said he wants to cut taxes on Social Security, while Harris told voters she would strengthen the program.
Their promises come as the United States faces a situation of a struggling Social Security system and people living longer. But the U.S. is far from the only country facing such struggles. Here’s a look at the average retirement age in the U.S. compared to Spain.
Also see the average retirement age in France.
Retirement in the US
Although people tend to be living longer in the U.S., the average retirement age still tends to fall around ages 64 to 66. The exact age varies for individuals based on factors such as health and financial readiness.
Per the Social Security Administration, if you retire at 62, the earliest possible Social Security retirement age, your benefit is lower than if you wait. If you were born 1960 or later, full retirement benefits are payable at age 67. The average monthly Security benefit check is about $1,800, but that can vary quite a bit.
Along with people living longer, they’re also working more years. In fact, workers in the U.S. have been putting off retirement — and it’s not just because of financial concerns. According to CNN, “One factor contributing to today’s higher retirement age is that college-educated Americans tend to work somewhat longer than others on average, largely because they tend to be in better health.”
The presidential candidates have been talking about this issue because Social Security faces an uncertain future. Whoever takes the White House after the November election will need to take action to ensure funding continues for the program.
Learn More: The Average Retirement Age in 2024: US vs. Canada
Retirement in Spain
The average retirement age in Spain is not a whole lot different from America. Currently, according to the European Commission, the minimum age for applying for pension is 65. That’s if you can prove you’ve paid at least 37 years and nine months of contributions. Or, the age is 66 years and four months if you have fewer contributions.
Generally, you can apply for this pension if you’re affiliated with any social security system and meet the age and contribution requirements. The minimum contribution period is 15 years, of which at least two should fall within 15 years of starting retirement.
Spain also offers flexible and partial retirement options. You can combine your pension with part-time work and still receive the same healthcare benefits.
Just as Americans are living longer, so are the people of Spain. According to the World Health Organization, life expectancy in Spain has risen to about 83.
As you may know, Spain has become a popular retirement destination for Americans. It has a fairly low cost of living, nice weather and a rich culture.
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This article originally appeared on GOBankingRates.com: The Average Retirement Age in 2024: US vs. Spain
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