State pension rules for over-60s in popular retirement destinations including Spain and Australia
Your state pension is a regular payment that you receive from the Government in later life.
In the UK, the retirement age is 66 but is due to rise to 68. You’ll claim the new state pension if you’re a man born on or after April 6, 1951, or if you’re a woman born on or after April 6, 1953. The full new state pension is worth £221.20 a week, or £11,502 a year.
You claim the older basic state pension if you’re a man born before April 6, 1951, or a woman born before April 6, 1953. The full basic state pension is worth £169.50 a week, or £8,814 a year. But how does the state pension compare in popular retirement destinations, including Spain, France and Australia – and what perks do over-60s get in these countries?
In Spain, the retirement age is rising gradually until 2027, when it will reach 67 years. If you’re due to retire in 2025, you can currently retire at the age of 65 if you’ve contributed to the social security system for 38 years and three months. If your contributions are under this amount, you will have to wait until you are 66 years and eight months old to receive your pension. The average state pension in Spain is around €1,481 per month.
If you’re over the age of 60, you’re entitled to a Tarjeta Dorada for travel on Renfe trains, which gives up to 40% off travel. The card is valid for a year and costs just €6. Spain pensioners can get subsidised holidays through the “Imserso” programme. You can also get discounts on your food shops, with supermarkets including Mercadona and Carrefour offering a 65-plus card.
The retirement age in France is currently 62, but there are currently plans in place to raise this. President Emmanuel Macron wants to raise this to 64 and you would need 43 years of contributions to receive the full amount, in a move that sparked mass protests from January to June 2023. However, the new prime minister, Francois Bayrou, last month confirmed he wants to renegotiate this plan. The French state pension is based on final salary calculations.
French pensioners get discounted travel, including the Carte Avantage Sénior+ (€49) which gives you 30% off train fares, while Air France and Hop! also offer reduce rates to flights to France and Europe with a discount card that costs €49 for a year. Over-65 also get tax reductions and exemptions.
The retirement age in Italy is 67 years old and you generally need to have contributed to the pension system for a minimum of 20 years. It is possible to retire from 62 years old and have worked for 41 years. The minimum state pension in Italy is around approximately €614.77 per month.
Italian pensioners that are over 60 can get up to 60% off train fares through Italo, as well as discounts or sometimes free entry to museums and other monuments. Many hotels also offer senior discounts.
In Australia, the state pension age is 67 years old. You must have been an Australian resident for at least ten years and meet certain income and assets requirements. The maximum Age Pension is you’re single is $1,047.10 a fortnight or $27,224 a year, or $1,578.60 a fortnight or $41,043 a year if you’re in a couple.
Over-60s can get access to the Pensioner Concession Card, which gives you cheaper medicine, doctor visits, and discounts on public transport in some states. You could also get help with rent, energy bills and carer allowance if you need extra support.
You’re eligible for the Canada Pension Plan (CPP) from the age of 60, and Old Age Security (OAS) from the age of 65. If you start receiving your CPP earlier, the monthly amount you’ll receive will be smaller, while those who delay their claim will get a larger amount. The maximum monthly amount you could receive if you start your pension at age 65 is $1,433.00.
Pensioners in Canada may qualify for property tax relief, help with rent, medicines, energy bills and a free bus pass. Some retailers offer discounts to pensioners, while you could also get 10% off train fares and discounts at some hotels.
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