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Of course, Americans arent the only people concerned with retirement.
The European Union, for example, is considering a major overhaul of its retirement system.
Americas southern neighbor also has recently made changes to its retirement system.
Heres a look at how the average retirement age and benefits in the U.S. compare with those in Mexico.
Also see how America compares to Spain.
By and large, college-educated Americans tend to retire later than the average age.
Americans are entitled to collectSocial Security paymentsonce they reach 62.
For Americans born in 1954 or earlier, retirement age is 66.
An individual born in 1954, for example, could start drawing their maximum Social Security payments in 2020.
If you were born in 1960 or later, you wont reach retirement age until you turn 67.
For someone born in 1960,maximum Social Security benefitsare available in 2027.
Retirement in Mexico
The retirement system in Mexico has recently been through a shakeup.
Until 2019, retirement benefits were based on the contributions each individual made during their working life.
In some ways, this system was comparable to theSocial Security programin the United States.
This left many people without any earnings-related retirement benefits at all.
That payment was 2550 pesos every two months in 2019 ($130 in2024 U.S. dollars).
The figure jumped to 4800 pesos ($244) in 2023.
This year, Mexican lawmakers passed new legislation that gives retirees pension amounts equal to their final salaries.
These pension reforms may be impacting peoples retirement plans.
Before the 2019 reforms, men in Mexico retired at the age of 67 on average.
Theaverage Mexican womanretired at age 64.
In 2020, though, both men and women left the workforce an average of one year earlier.
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