Early 50s most common retirement age

MAKKAH – The most common early retirement age is between 50 and 54, said a source from the Public Pension Agency. “As many as 710,672 employees retired in 2015 and 7.1 percent of them were below 35,» the source said. He said 4.8 percent were between the ages of 35 and 39, 12.3 percent were 40-44, 20.9 percent between 45 and 49, 23.5 percent between 50 and 54, 8.6 percent between 55-59 and 20 percent between 60 and 64. Only 2.6 percent of individuals who retired in 2015 were older than 64. Giving a breakdown of the number of retirees based on age, he said 50,795 of them were younger than 35, 34,432 were aged 35-39, 87,536 were aged 40-44 years, 148,792 were 45-49 years old, 167,151 were 50-54, 61,105 were 55-59, 142,060 were between 60 and 64 and 18,801 were over 64. Some of the most common reasons for early retirement were serving more than 25 years, no chances for promotion, insufficient salaries and starting own business. Civil employees are allowed the option of early retirement after serving 25 years. “Military employees may take early retirement after serving 18 years in the military or a total of 20 years in military and civil service,” said the source.