Countries like Libya and Denmark have the highest official retirement ages at 70 years old. Reasons for increasing retirement ages include longer life expectancies and aging populations straining pension systems. Despite this trend, countries like India and Indonesia have retirement ages set in their 50s. In the US, the effective retirement age is younger than the legal retirement age. The Republican Party has proposed raising the retirement age in the US, but ongoing efforts have not been successful. Retirement ages are likely to continue increasing globally. Planning for a longer work life is crucial. To prepare, maximize retirement contributions, delay Social Security benefits, and budget for a longer life expectancy. Financial plans should factor in healthcare inflation and potential long-term care costs, with most people living past 90. Source: Investopedia.

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