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Which countries have the most retirees?

The specialists of LIC Freedom Life conducted a study and defined the countries with the largest number of people aged 65 years and older. According to the Kazakhstani Bureau of National Statistics, over 19.8 million people live in Kazakhstan today; 2.3 million of them are retirees.
Which countries have the most retirees?

In the world ranking of the UN Population Department, Kazakhstan took the 93rd place (8.04% of elderly residents) among countries with a large number of elderly citizens. The highest percentage of people aged 65 and over was recorded in Monaco - 35.92% and Japan - 29.92%, and the lowest in Qatar (1.52%). The 2022 average for 196 countries was 9.9%.

According to WHO, there will be about two billion people over 60 years of age in the world by 2050, which is three times higher than in 2000.

The highest retirement age is now in countries such as Italy, Denmark, Iceland, and Greece. Men and women retire from age 67 there. In Israel and the USA, men also become pensioners at 67 years of age, and women at 62 and 65 years of age, respectively.

What is special about retirement annuity?

Despite the statutory age of retirement, Kazakhstanis still have the opportunity to enter into a deferred retirement annuity agreement from the age of 45, and begin receiving pension payments from the age of 55.

Until 2021, RA was considered an expensive insurance product: men entered into an agreement with LIC with a minimum adequacy amount of 11.3 million tenge, and women - 15.5 million. Since January 2021, the amount of adequacy of savings in the UAPF for concluding RA has dropped by almost half: up to 5 million tenge for men and up to 7.5 million tenge for women.

According to the National Bank of the Republic of Kazakhstan, as of September 1, 2023, the total volume of insurance premiums under concluded retirement annuity contracts amounted to 71.5 billion tenge, which was 40.3% more than the same period in 2022.

Retirement annuity is popular not only in Kazakhstan but also in other developed countries. For example, sales of this product amounted to $310.6 billion in 2022in the United States, which were 23% more than in 2021. The number of people with retirement annuity in the UK increased by 41%in 2021 compared to 2020. In South Korea, RA became the leading life insurance program with a share of more than 36% of all LIC contracts concluded in 2022.

Photos are from open sources.

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