The average retirement age will climb to at least 67 for both men and women by 2050, according to a report by an organization that represents 34 countries.

The Organisation of Economic Co-operation and Development, based in Paris, found that even the later retirement age might not be enough to compensate for changes being made to public and private pension plans. Those changes include lower benefits for those entering the workforce now.

Those lower benefits could lead to more poverty later, the OECD said. For now, it said, poverty among retirees was being held at bay in almost every country studied. But as benefit payments decrease for future retirees, the OECD said many would likely not seek safety-net payments because of shame or lack of information.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.