Becoming a retirement super-saver is within reach, with a few tweaks to your finances.

Retirement super-savers are on a path to a secure future, at least according to recent research. If you're hoping to leave the workforce with plenty of money invested to live a life of leisure, you may want to join them.

But what does it take to be a super-saver? Here's what you need to know.

Image source: Getty Images.

The term "retirement super savers" was coined by the Transamerica Center for Retirement Studies. According to its research, 44% of workers who participate in a retirement plan fit this definition. Here's what you'd need to do to be one of them:

People of all generations are among these super-savers, but those in Generation Z are actually the most likely to belong to this group. In total, 53% of Gen Z, 44% of millennials, 40% of Gen Xers and 44% of baby boomers are investing more than 10% of their income in retirement plans.

These individuals are still in the minority, though, as 56% of all workers who participate in retirement plans contribute less than 10% of their earnings.

Becoming a super-saver is both easy and difficult at the same time. It takes only two steps to do, so that part isn't complicated. You just need to sign up for a workplace 401(k) or open an IRA if you don't already have one. Then you need to start regularly and consistently putting more than 10% of your earnings into that account.

This is where the difficult part comes in. You must free up that much money to put aside for your future if you aren't already investing it. Depending on just how much you're saving now, this could mean making some pretty big lifestyle changes. After all, if you're currently saving 0% or 4% or even 6% or 8% of your income, increasing that rate to save more than 10% could seem out of reach.

The good news is, you don't necessarily have to do it all at once. It would be ideal if you could, though: The sooner you begin investing for your future, the easier it will be to achieve your goals, thanks to the power of compound growth.

If you do want to dramatically increase your savings rate quickly, a big lifestyle change -- such as downgrading to a cheaper home or car -- could help you do it. Unlike slashing many different expenses from your budget, this is a change you only have to make once, and it will have an outsized impact.

If a big lifestyle change can't happen, though, start to inch up your savings rate as much as you can over time until you hit your target. If you're contributing 4% of your income to your 401(k) today, ask your human resources (HR) department to change that amount to 5%. The difference will probably be small enough that you can accommodate it. Then in a few weeks or months, ask to move up to contributing 6%. Keep inching those contributions up until you truly can't do it any more.

If you get a raise, you can also divert it directly to your retirement plan, since you aren't used to having those funds anyway. This can make a big difference over time, as you'll effortlessly increase your savings rate.

Before you start heavily investing for your future, you do want to make sure you don't have high-interest debt, and that you have an emergency fund in place. But, once you've checked those tasks off your list, there's no reason not to try to join the ranks of super-savers. When you reach retirement, the nest egg you've built will give you the peace of mind you deserve.

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Yes, It's Possible to Join the Ranks of Retirement "Super-Savers." Here's What You Need to Do - The Motley Fool

Utah coach Kyle Whittingham has developed his football program into a contender in the West. This sustained success has not gone unnoticed, as evidenced by his lucrative compensation package. However, there was one clause from his latest contract amendment that reveals his post-retirement plans.

Upon stepping down, Whittingham has a five-year agreement to serve as a special assistant to the athletics director, with an annual salary of $995,000. This clause ensures that he'll remains a valuable asset to the university even after stepping down from his coaching duties. He will also receive a lump sum upon announcing his retirement, which is over $1.5 million.

Whittingham is set to earn $6,525,000 this year, according to the terms of his deal. This makes him the highest-paid state employee in Utah and third-highest in the Big 12 conference. Oklahoma State's Mike Gundy and Kansas' Lance Leipold are the top two respectively.

If projections are correct for Utah in 2024, Whittingham will have more to brag about than success on the field. Hell receive a total of $1 million in bonuses, if the Utes win the Big 12 and advanced past the second round of the College Football Playoff.

EA Sports College Football 25: Utah Utes preview

That breaks down to $100,000 if Utah advances to the Big 12 championship game, $400,000 if they make a New Years Six or College Football Playoff game, on top of an additional $100,000 if they win. If the Utes participate in any other bowl game, Whittingham will receive a bonus of $275,000.

Morgan Scalley was recently reinstated as Utah's "coach-in-waiting," set to take over whenever Whittingham decides to retire. The current Utah assistant has an impressive track record, having produced 16 NFL Draft picks on defense over the last eight years. Whittingham himself praised Scalley for his skills at Big 12 Media Days. He does a great job building relationships with the players and with their families," Whittingham said. "Hes direct, honest, and families really appreciate that. His track record as far as player development speaks for itself.

Whittingham's comprehensive compensation package reflects the significant impact he has had on Utah's football program. His leadership and success have not only elevated the teams performance but have also secured him a financially rewarding career both during and after his tenure as head coach.

Continued here:
Utah's Kyle Whittingham has interesting retirement clause in contract - Sports Illustrated

As another NFL season draws near, a veteran running back has elected to hang up his cleats.

Longtime running back Kenyan Drake is retiring from the NFL, he announced in a Friday afternoon Instagram post.

"Hard to believe eight seasons have come and gone. Ive loved the journeythe wins, the moments big and small, the comradery, the energy, all of it," Drake wrote. "Ready to enjoy a little retirement and see where the next chapter takes me. Thanks to everyone that was along for the ride with me."

Drake, 30, split his eight-year career between the Miami Dolphins, the Arizona Cardinals, the Las Vegas Raiders, the Baltimore Ravens and the Green Bay Packers.

He rushed for 3,866 yards and 33 touchdowns, both of which ranked in the top 25 among active players. In 2023, he played just three games, failing to gain a yard for either the Ravens or Packers.

As a collegian, Drake won national championships with Alabama in 2012 and '15.

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Veteran Running Back Kenyan Drake Announces Retirement After Eight Seasons - Sports Illustrated

Scariest moment of my entire life. That's the best way. Natasha Long says she can describe the jolt of fear that filled her body. When her 11 week old son, Miles stopped breathing in this Taco Bell parking lot in Rich last Saturday, the mother of two had just finished some errands and decided to grab food. When she says she noticed baby Miles struggling for air in the back seat of the car. I pulled him out and he turned completely blue and was lifeless. And at that point, I just completely blacked out. I didn't know what to do. Fortunately long was an air shot of Taco Bell manager Becky Arbaugh who heard long screams and quickly jumped in giving baby miles CPR. As seen in this security video, I threw my headset. I ran outside. So I took the baby and I started to do chest compressions on the baby and then he finally started to breathe. L says she appeared out of nowhere like *** guardian angel, but Arbon says her own skies as *** mother helped her prepare for *** moment just like this. When my kids were little, my daughter had similar incidents. So I knew what she was feeling. So I knew if I just kept her calm and I stayed calm, then I'd be, there was no thought in my mind that the baby wasn't going to breathe again. Miles did regain his breath and was rushed to ST Christopher's Hospital for Children for treatment. The very next day long says she called Taco Bell to think our ball who tells action news. She doesn't consider herself *** hero. We could be more grateful to b she saved my son's life. I just thought myself as *** mom with another mom that needed help.

Taco Bell opening early retirement community so adults can 'Live Ms'

Updated: 7:59 PM CDT Jul 20, 2024

Taco Bell is offering a real-world application for its slogan, "Live Ms," by opening an early retirement community.Video above: Taco Bell manager saves baby in drive-thru"The Cantinas" is a two-day event inspired by senior living for people ages 21 or older. The weekend getaway will offer a taste of laid-back living and host low-impact activities so attendees of different ages can experience a retirement lifestyle.This event comes as financial woes and inflation have reached a crisis point for many Americans and are key subjects in the 2024 presidential election. More individuals are lowering their expectations for retirement, as 20% of adults 50 years or older have no retirement savings, and 61% are unsure if they'll have enough money to support themselves in their retirement years, according to an AARP survey.Taco Bell's early retirement community is offering an experience that modern workers may not have when they reach retirement age. It also allows younger adults to experience living a carefree lifestyle while still in their prime years for activity, while providing a reprieve from everyday life.The event will offer amenities and activities such as painting classes, knitting circles, old-school games, low-impact sports such as pickleball and croquet, and an elevated dining experience with Taco Bell menu items. Lodging is provided to those with full weekend memberships, but day passes were offered as well. The event is in San Diego, California, from Aug. 17 to Aug. 18, and all tickets are sold out.

Taco Bell is offering a real-world application for its slogan, "Live Ms," by opening an early retirement community.

Video above: Taco Bell manager saves baby in drive-thru

"The Cantinas" is a two-day event inspired by senior living for people ages 21 or older. The weekend getaway will offer a taste of laid-back living and host low-impact activities so attendees of different ages can experience a retirement lifestyle.

This event comes as financial woes and inflation have reached a crisis point for many Americans and are key subjects in the 2024 presidential election. More individuals are lowering their expectations for retirement, as 20% of adults 50 years or older have no retirement savings, and 61% are unsure if they'll have enough money to support themselves in their retirement years, according to an AARP survey.

Taco Bell's early retirement community is offering an experience that modern workers may not have when they reach retirement age. It also allows younger adults to experience living a carefree lifestyle while still in their prime years for activity, while providing a reprieve from everyday life.

The event will offer amenities and activities such as painting classes, knitting circles, old-school games, low-impact sports such as pickleball and croquet, and an elevated dining experience with Taco Bell menu items. Lodging is provided to those with full weekend memberships, but day passes were offered as well. The event is in San Diego, California, from Aug. 17 to Aug. 18, and all tickets are sold out.

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Taco Bell opening early retirement community so adults can 'Live Ms' - KMBC Kansas City

Local Certified Financial Planner (CFP) professional Jerry Goetz opened Retirement & Financial Strategies at 3402 Frederica Street in 2018. With over 25 years of experience in the industry, Goetz wanted to create a local family business to provide top-level service and advice for generations to come.

Also a CFP, Goetzs daughter Emma joined the team in 2022, while his son, Evan, joined earlier this year. Before joining the firm, Emma and Evan both graduated summa cum laude from Western Kentucky University with a degree in finance.

They take pride in serving the companys clients as an advisory team.

This team concept allows us to offer the highest level of service with advice from multiple perspectives as well as education and experience levels, Goetz said.

The firm also boasts a strong support staff who proudly call Owensboro home.

We are all from this community and like to give back by being part of local organizations and supporting our local nonprofits, he said.

Retirement & Financial Strategies offers investment advice, investment management, retirement planning, and all-encompassing financial planning for their clients. They begin the process by evaluating each clients situation and discussing their values and goals.

They also offer advice and management on a fee basis, as a fiduciary, rather than on a commission basis. Goetz said they always put their clients interests ahead of their own.

If we can help our clients manage their finances and investments in a way that allows them the time, resources, and energy to focus on living a happier, more fulfilling life, we have done our job, he said.

Visit retirementandfinancial.com to schedule a consultation or learn more about its capabilities. The office is also on Facebook and can be reached by phone at 270-215-2600.

The Chamber Member of the Week program is a Greater Owensboro Chamber of Commerce membership benefit. Founded in 1913, the Chamber has worked to provide valuable benefits and services to member businesses and individuals for over a century.

Today, with nearly 1,000 members, the Chamber is a guiding force in community and business development initiatives and serves as the center of business advocacy for the Greater Owensboro region.

To learn more about becoming the Chamber Member of the Week or inquire about Chamber membership, contact Shelly Nichols, Chamber Vice President, at 270-926-1860 or [emailprotected].

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Chamber Member of the Week: Retirement & Financial Strategies - The Owensboro Times

Tiger Woods was told to retire by Colin Montgomerie ahead of The Open, but Xander Schauffele was having none of it and hit back at the Scot's comments

Xander Schauffele has quashed Colin Montgomerie's idea that Tiger Woods should retire, despite his disappointing performance at The Open.

Woods, 48, was significantly behind the frontrunners at Royal Troon, where he finished two rounds at a dismal 14-over-par. However, Schauffele rejected Montgomerie's recent claim, made before Woods had even teed off, that now would be an appropriate time for him to step down from professional golf.

Montgomerie, age 61, raised eyebrows with his remarks in The Times when he said: "I hope people remember Tiger as Tiger was, the passion and the charismatic aura around him. There is none of that now. At Pinehurst, he did not seem to enjoy a single shot, and you think, 'What the hell is he doing? ' He's coming to Troon and he won't enjoy it there either."

READ MORE: Open Championship prize money as purse less than LIV Golf and PGA Tour events READ MORE: Former LIV Golf star chasing PGA Tour history after move backfired

The Brit's skepticism regarding Woods' current form didn't end there; he contended that Woods should have retired long before this point. Schauffele begs to differ and insisted he wants one of his idols to perform on the golf course for as long as possible.

"Whether it's his honest opinion or not, the game of golf needs him [Woods], needs him desperately," he said in Troon on Tuesday. "Selfishly, I want him to play as long as possible. It just helps all of the guys out here, just with the amount of eyeballs that someone like Tiger Woods brings to golf."

Woods, who has been through the wringer with injuries from a near-fatal car accident, didn't hold back when responding to Montgomerie's comments about his potential retirement. The American legend pointedly reminded everyone that unlike Montgomerie, he has major wins under his belt, which gives him the privilege of deciding when to call it a day.

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"Well, as a past champion, I'm exempt until I'm 60," Woods declared before The Open. "Colin's not. He's not a past champion, so he's not exempt. So he doesn't get the opportunity to make that decision. I do. So, when I get to his age, I get to still make that decision, where he doesn't."

Despite recent struggles, including plans to take a break from golf after a rough time in Scotland, Woods' competitive fire remains undiminished, much to the delight of fellow golfer Schauffele.

Montgomerie later clarified his earlier statements, claiming they were misunderstood, and expressed his best wishes for Woods in his quest for another Open victory.

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Xander Schauffele shuts down Tiger Woods retirement talk with 'desperate' plea to golf legend - The Mirror US

TROON, Scotland People work their entire lives to retire to play golf. So, what do golfers do when they retire? Its a facetious question because certainly they can enjoy the game, too.

But competitively? That is a far different subject.

The narrative that Tiger Woods should retire will only get louder in the aftermath of another missed cut at a major championship, his golf a sad shell of his former self.

Woods shot 77 on Friday at Royal Troon, a day after a 79 effectively made the second round a chance to see the 15-time major champion one more time this year. His total of 156 was well off the 36-hole cut and when he made a double bogey on the second hole, any flickering hope was all but stamped out.

Once again, he showed glimpses of greatness but could not sustain it, an almost inevitable circle of Tiger chasing his tail.

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He cant play too much golf for fear of tweaking his back or putting too much strain on the right leg he badly injured in that 2021 car crash. But by not playing enough, he leaves himself vulnerable against the best players in the world, competing on the hardest courses, without sufficient preparation.

And so the circle goes. Tiger tries his best to get his game in shape to play in the tournaments in which he wants to compete the most and then repeats the cycle, giving up tournament reps to players a decade younger.

I have gotten better, Woods said. I just wish I could have played a little bit more, but I've been saving it for the majors just in case I do something pretty major and then take myself out of it. Hopefully next year will be a little bit better than this year.

Woods, 48, does not appear to be conceding anything. The idea that he should retire is somewhat ludicrous on its face. Woods has earned the right to compete in three of the four major championships via his previous victories. The United States Golf Association gave him a special exemption to this year's U.S. Open and hed surely get more if he wants them.

As a lifetime member of the PGA Tour with 20 or more wins, he can play any regular tour event he wantsand would get a sponsors invite if needed. The signature events have created a special category for him that wont take a spot from another player.

The 15-time major champion who has won 82 PGA Tour events deserves to handle this how he pleases, playing as often or as little as he wants.

But hed be far better served if he didnt talk about showing up to win, a noble but unrealistic pursuit. There is no shame in small victories right now, just as when he made the cut at the 2022 Masters 14 months after the crash. That was viewed as its own win.

And hed do well to play before now and the end of the year, to build up some competitive consistency, to develop a system of practicing, playing, recovering and playing again.

A tournament in September and October followed by his own Hero World Challenge would go a long way to answering some questions.

But Woods is nothing if not stubborn, and he made it clear that he wont play again until December at the Hero.

No, I'm not going to play until then, he said. I'm going to just keep getting physically better and keep working on it. Hopefully just come back for ourwhat is it, our fifth major, the Father-Son, so looking forward to it.

Woods was referring to the PNC Championship, which hes played with his son, Charlie, each of the last four years. Thats a 36-hole exhibition two weeks after the Hero. While its clearly great for him to do, it doesnt prepare him to play this kind of golf.

In 11 competitive rounds this year, Woods never broke par. He had five scores of 77 or higher, including an 82 during the third round of the Masters. That he made the Augusta cut for a third straight year was impressivehis even-par 72 during the second round on a brutally difficult day stood outand it will long be underrated among his many accomplishments. But it doesnt satisfy the current doubters.

Colin Montgomerie recently made headlines with his interview in the Times of London in which he called for Woods to retire.

I hope people remember Tiger as Tiger was, the passion and the charismatic aura around him, Montgomerie told the Times. There is none of that now. At Pinehurst he did not seem to enjoy a single shot and you think, What the hell is he doing? Hes coming to Troon and he wont enjoy it there either.

Woods certainly didnt enjoy the scores, but nothing suggests he is loathing the process.

I loved it, he said. I've always loved playing major championships. I just wish I was more physically sharp coming into the majors. Obviously it tests you mentally, physically, emotionally, and I just wasn't as sharp as I needed to be. I was hoping that I would find it somehow, just never did. Consequently, my results and scores were pretty high.

Fans who packed the grandstands and lined up 10 deep along the ropes were no doubt happy to see him in person.

There is this notion that people are tired of seeing him struggle, especially on TV, which seems somewhat absurd given that metrics continue to show he is popular. Hes played so few times that its hardly a burden on those who wish to avert their eyes elsewhere.

As for locally, how often will they get to see him again? Next years Open is at Royal Portrush in Northern Ireland. Its going to Royal Birkdale in England in two years. Future venues have yet to be announced. Woods will be in his 50s the next time the Open returns to this part of the United Kingdom.

I've won two Open Championships here in Scotland, so I've always enjoyed playing up here and enjoyed the different types of links that Scotland brings and the challenges are, he said. I've missed playing Troon. It's been a long time. I remember playing here way back in '97. I've had some good memories here. I just wish I'd done a little bit better and looking forward to it.

The Open, ultimately, is the most realistic opportunity for Woods if he is ever to get into contention again. Enormous length is not required and he knows his way around links courses.

But this week again showed that trying to ramp it up at home is not enough. Woodss lack of sharpness, his lack of competitive hardening, is sorely missing. Twice during practice rounds, Woods hit beautiful approach shots to within a few feet of the par-3 8th hole. Once the tournament began, he missed the green both times.

Those are but two examples. Woods had just four birdies over two days. He had three double bogeys. He has not shown enough firepower to overcome the inevitable mistakes that rust will bring. The scorecard only cares about the number, not his legendary status.

Nearly five months will pass before we are likely to see Woods in a competitive arena on a golf course. Once again, the Bahamas before the holidays will become a referendum on how far he has progressed, how far he might go in the new year.

It was that way last year when Woods looked good at the Hero while walking 72 holes. And it was seemingly all gone when he couldnt follow through on his play-once-a-month goals, meaning he had played all of 24 holes in 2024 before teeing it up at the Masters.

If your bodys just not letting you do it, its frustrating, said Xander Schauffele, who played with Woods the last two days. Im sure hes trying to figure that out.

Woods has some more immediate tasks. Charlie begins play in the U.S. Junior Amateur on Monday. His duties as a player-director on the PGA Tour Policy Board are ongoing as PGA Tour Enterprises tries to negotiate a deal with the Private Investment Fund of Saudi Arabia. He also runs a design business and a foundation.

Somehow in there, perhaps Woods will find time to work at the game hes excelled at for so long. With a 49thbirthday looming, hes not retiring, doubters be damned.

See the article here:
Tiger Woods Can Retire When He's Ready, But It's Now Time to Lower Expectations - Sports Illustrated

Kansas City Chiefs coach Andy Reid has plenty he could be worried about as his team attempts to win a third consecutive Super Bowl, but retirement and Travis Kelces relationship with Taylor Swift are not causes for concern.

On The Athletics new NFL podcast Scoop City, Reid talked about preparing his team for this season now that some of his star players have taken their stardom to the next level.

Im OK with it as long as theyre ready to go, Reid said. And so training camp is kind of that proving ground. If youre not ready to go, its going to be obvious quickly. Just from the whether its a conditioning test or the long drive drills that we do. Those things that are, youre going to find out whos in and whos not in and whos put their time.

Reid thinks there is no one better able to handle the fame of dating a megastar like Swift than his star tight end.

I think its great for him, Reid told Dianna Russini and Chase Daniel. He can handle it. Matter of fact, I think he probably loves it. To a point. I think theres a great escape for him. I said that about Taylor, too. I mean, she comes to the game, she can kind of escape having to be the show. And Travis can do that. And when he goes to her concerts, shes a star. And he can be hanging out there and be the support or the waterboy.

Reid, 66, has faced a lot of questions about how long he will continue, but the coach insists he isnt thinking about retirement. Taking advice from his parents, he thinks he will know when it is time and the end of his current contract which runs through the 2029 season could be a point to consider that end.

I know Im on the bottom side of this thing and not on the top side of the net, Reid said. So as its coming, but I dont know what it is. And, this is a great place to coach, and Ive got good players. Ill be 71 at the end of this contract, and that seems like really old, you know, I dont really know. And, so I well, well see, see where it all goes.

Chiefs players have been bold in talking about a three-peat. But their coach isnt going as far in putting that out there: Its not healthy. Its a nice goal to put out there. Its hard to get one.

Listen to the interview here:

You can listen to Scoop City for free on Apple Podcasts, Spotify or wherever you usually get your podcasts. Dont forget to follow and subscribe so you dont miss a single episode.

(Photo: Michael Owens / Getty Images)

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Andy Reid addresses retirement, 3-peat talk and the Travis Kelce-Taylor Swift attention - The Athletic - The New York Times

One of the rules of ikigai is to stay active and not retire, and many centenarians, especially those living in the world's blue zones, never do.

We spoke to several centenarians over the past year and a half about what behaviors and traits they believe helped them to live a long and happy life. Here's why they say finding meaningful work and not retiring played a major role.

Virginia Oliver, 104, has been catching lobsters since she was eight years old, and she really enjoys it. So much so that the centenarian signed up for lobster-catching season this year.

Oliver's secret to living beyond age 100 boils down to: "You've gotta keep living, you gotta keep working. It's not easy," she said in a mini-documentary about her life.

When asked about her future plans for lobstering by TODAY.com, Oliver said, "I'm not going to retire," adding, "I'm going to do this till I die."

Deborah Szekely, a 102-year-old, started her fitness resort and spa alongside her then-husband in 1940. More than eight decades later, Szekely still works at her business three times a week.

"We have fabulous speakers every night. I meet with the presenters [every] Tuesday, so I know what my guests are talking about," she told CNBC Make It in May.

"Wednesday, I speak. And Thursday, I meet individuals who I want to know, or friends. So I work three days a week: Tuesday, Wednesday, and Thursday."

Every week that she shows up at her spa, Szekely said, "it makes a change."

"When nature says, 'You got to stop Deborah.' Deborah will stop, until then she'll keep going," she added.

Deborah Szekely, 102, co-founded one of the first wellness resorts in North America in 1940.

Source: Rancho La Puerta

Madeline Paldo was a recent retiree at age 100 when she spoke to Make It in September of 2023. Paldo worked between the ages of 18 and 99.

Working "kept me busy, and I enjoyed working," she said. "Retirement, I don't like too much."

Paldo supported her family's business based in Chicago where they produced electric signs, and she was responsible for office work which allowed her to interact with customers daily.

"I liked being with the public. I liked being with people," she told CNBC Make It. "And I was the only one in the office that did all of the office work for our business, so it was enjoyable. I liked to go to work."

Jayne Burns, who was turning 101 in the month following her interview with CNBC Make It in 2023, still worked four days a week as a part-time fabric cutter at a crafts store.

"I enjoy what I do, so I want to keep doing it," Burns told Make It. "I'll work for as long as I can or as long as they'll have me."

She tried to retire several times over the years but would "unretire" within a few months, she said. Working at jobs that she enjoyed gave her a daily routine which she values and allowed her to interact with new people.

"Staying busy keeps you from focusing on your aches and pains," she said. "It makes it easier to keep going."

Want to stop worrying about money?Sign up for CNBC's new online courseAchieve Financial Wellness: Be Happier, Wealthier & More Financially Secure. We'll teach you the psychology of money, how to manage your stress and create healthy habits, and simple ways to boost your savings, get out of debt and invest for the future. Start today and use code EARLYBIRD for an introductory discount of 30% off through September 2, 2024.

Plus, sign up for CNBC Make It's newsletter to get tips and tricks for success at work, with money and in life.

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These 100-year-olds say working beyond retirement age is what keeps them going: 'I'll work for as long as I can' - CNBC

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The retirement age and the future of Social Security have been big topics this presidential election season. The topics have especially caught the attention of many working Americans amid talk about potential cuts to benefits and the future for the system itself and those who will be retiring in the coming decades.

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The United States is far from the only country dealing with these situations. Countries like France have looked at options like raising the retirement age, a move which led to big backlashes from voters.

For some more perspective, heres a look at how the standard retirement age in the U.S. compares to several European countries.

Lets start with the rules in the U.S. According to the Social Security Administration, if you retire at 62, the earliest possible Social Security retirement age, your benefit is lower than if you wait. If you were born 1960 or later, full retirement benefits are payable at age 67.

If you go by statistics, that means about one decade of full retirement since the average life expectancy in the U.S. is 77.5 years, according to the National Center for Health Statistics. According to the Mercer CFS Institute Global Pension Index, which benchmarks retirement income systems around the world, the U.S. has a score of 63. For comparison, the Netherlands is the top one with an index of 85.

Find Out: What Does Social Security Cover for Long-Term Care?

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France raised the retirement age to 64, as long as the retiree worked for at least 43 years. When it comes to the Mercer Index, France is just behind the U.S. with a score of 62.

As for average life expectancy, its quite a bit higher for France than the U.S. The average life expectancy in France is over 82.

Consider: 8 Things Boomers Should Sell Right Before Retiring

The UK did better than the U.S. on the Mercer Index. It scored 73.

When it comes to retirement age, according to Age UK, State Pension age is gradually increasing for men and women, and will gradually rise to 67 for those born on or after April 1960. As for the average life expectancy, its about 81 in the UK.

Story continues

See: Cant Retire in the US? Why Many Americans Are Choosing This Country Instead

The retirement age in Norway is similar to the U.S. at 67. However, there are options for pension pay-outs starting around age 62.

When it comes to the Mercer Index, Norway has a score just over 74. In general, there may be more years to enjoy retirement. Norway has a high average life expectancy near 83.

Learn: 5 Countries With Easy Citizenship for Retirement

The standard retirement age in Spain is 66. Thanks to healthier lifestyles and diets, the average life expectancy in Spain is around 83.

The Spain pension system does leave some to be desired. Thats why its Mercer Index score is only about 61.

Read More: How Much House You Can Afford in Retirement in Different Countries

Along with Spain, the standard retirement age in Germany is 66. However, the plan is to bring it up to 67 by 2031.

As for the Mercer Index, its 66.8 for Germany. When it comes to the average life expectancy in Germany, its between 80 and 81 years.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: The Standard Retirement Age in the US vs. 5 European Countries

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The Standard Retirement Age in the US vs. 5 European Countries - Yahoo Finance