In the last several weeks, the Social Security Administration has become the latest target of DOGE’s sweeping cost-cutting efforts. The Trump administration announced that it would reduce the SSA by about 7,000 employees – 12% of its workforce – and close six of its 10 regional offices. While Trump has vowed not to “touch” social security payments, his administration has instituted several service changes to the program, including the discontinuation of paper checks in favor of direct deposit or other digital payment options.

A lot of social security policy debate centers around how to fund a growing retiree population with the contributions of a shrinking working-age population. The United States already ranks behind a majority of OECD countries in the generosity of social security benefits, and would fall even further if benefits are reduced.

The average male pensioner in the United States, for example, receives the equivalent of 7.4 times his last year of income throughout his retirement – far below the average pension payout of 10.1 times income among OECD nations. The average annual pension payment replaces 50.4% of income in the U.S., compared to the 61.4% OECD average replacement rate. Yet Americans also contribute more of their incomes to social security – 21.9% for the average U.S. earner, compared to a 16.6% average OECD contribution rate – and retire later than most workers in other developed countries. A closer look at the data reveals how America’s social security system compares to other developed nations.

To determine how U.S. social security benefits compare to other developed nations, 24/7 Wall St. reviewed data on pension benefits from the OECD’s Pensions at a Glance 2023 report. OECD countries were ranked based on a combined index consisting of the average lifetime pension payout as a multiple of annual income and net pension income replacement rates in 2022. Supplemental data on average effective retirement age, employment rates for older individuals, social security contributions paid by the average earner, and the composition of income sources for older people are also from the OECD and are for 2022.

38. Lithuania
Average lifetime pension payout: 3.3x annual income (men), 3.7x annual income (women)
Average effective retirement age: 63.4 years old (men), 63.8 years old (women)
Net pension income replacement rates: 28.9% (average earner), 21.3% (high earner)
Employment rates for older individuals: 69.8% (55-64 years old), 28.8% (65-69 years old)
Social security contributions paid by average earner: 37.1% of income
Composition of income sources for older people: 60.9% from public transfers, 35.1% from work, 4.0% from capital, 0.0% from private occupational transfers
37. Estonia
Average lifetime pension payout: 4.6x annual income (men), 5.3x annual income (women)
Average effective retirement age: 64.6 years old (men), 65.1 years old (women)
Net pension income replacement rates: 34.4% (average earner), 21.9% (high earner)
Employment rates for older individuals: 73.7% (55-64 years old), 35.6% (65-69 years old)
Social security contributions paid by average earner: 18.4% of income
Composition of income sources for older people: 63.6% from public transfers, 34.0% from work, 2.3% from capital, 0.0% from private occupational transfers
36. Ireland

Average lifetime pension payout: 6.0x annual income (men), 6.5x annual income (women)
Average effective retirement age: 66.3 years old (men), 64.9 years old (women)
Net pension income replacement rates: 36.1% (average earner), 21.6% (high earner)
Employment rates for older individuals: 68.1% (55-64 years old), 25.6% (65-69 years old)
Social security contributions paid by average earner: 27.5% of income
Composition of income sources for older people: 72.6% from public transfers, 22.3% from work, 5.1% from capital, 0.0% from private occupational transfers
35. Korea

Average lifetime pension payout: 6.2x annual income (men), 7.4x annual income (women)
Average effective retirement age: 65.4 years old (men), 67.4 years old (women)
Net pension income replacement rates: 35.8% (average earner), 23.0% (high earner)
Employment rates for older individuals: 68.8% (55-64 years old), 50.4% (65-69 years old)
Social security contributions paid by average earner: 12.4% of income
Composition of income sources for older people: 48.6% from work, 21.4% from capital, 0.0% from private occupational transfers, 30.0% from public transfers
34. Poland

Average lifetime pension payout: 5.4x annual income (men), 5.4x annual income (women)
Average effective retirement age: 64.2 years old (men), 61.2 years old (women)
Net pension income replacement rates: 40.3% (average earner), 39.1% (high earner)
Employment rates for older individuals: 56.4% (55-64 years old), 12.3% (65-69 years old)
Social security contributions paid by average earner: 23.0% of income
Composition of income sources for older people: 65.7% from public transfers, 33.7% from work, 0.6% from capital, 0.0% from private occupational transfers
33. Japan

Average lifetime pension payout: 6.9x annual income (men), 8.2x annual income (women)
Average effective retirement age: 68.3 years old (men), 67.0 years old (women)
Net pension income replacement rates: 38.8% (average earner), 31.8% (high earner)
Employment rates for older individuals: 78.1% (55-64 years old), 50.9% (65-69 years old)
Social security contributions paid by average earner: 15.2% of income
Composition of income sources for older people: 50.1% from public transfers, 40.3% from work, 7.5% from capital, 2.1% from private occupational transfers
32. Canada

Average lifetime pension payout: 7.6x annual income (men), 8.3x annual income (women)
Average effective retirement age: 64.9 years old (men), 63.5 years old (women)
Net pension income replacement rates: 44.2% (average earner), 24.7% (high earner)
Employment rates for older individuals: 63.5% (55-64 years old), 27.0% (65-69 years old)
Social security contributions paid by average earner: 14.9% of income
Composition of income sources for older people: 41.4% from capital, 37.6% from public transfers, 21.0% from work, 0.0% from private occupational transfers
31. Israel

Average lifetime pension payout: 7.4x annual income (men), 7.8x annual income (women)
Average effective retirement age: 66.5 years old (men), 66.0 years old (women)
Net pension income replacement rates: 47.3% (average earner), 27.3% (high earner)
Employment rates for older individuals: 69.9% (55-64 years old), 39.8% (65-69 years old)
Social security contributions paid by average earner: 18.7% of income
Composition of income sources for older people: 35.3% from public transfers, 28.8% from work, 27.6% from private occupational transfers, 8.2% from capital
30. Australia

Average lifetime pension payout: 8.1x annual income (men), 8.5x annual income (women)
Average effective retirement age: 65.1 years old (men), 64.4 years old (women)
Net pension income replacement rates: 33.7% (average earner), 37.9% (high earner)
Employment rates for older individuals: 67.1% (55-64 years old), 31.0% (65-69 years old)
Social security contributions paid by average earner: 23.0% of income
Composition of income sources for older people: 32.8% from public transfers, 26.2% from work, 24.8% from private occupational transfers, 16.3% from capital
29. Chile

Average lifetime pension payout: 7.5x annual income (men), 7.7x annual income (women)
Average effective retirement age: 67.3 years old (men), 63.7 years old (women)
Net pension income replacement rates: 45.7% (average earner), 36.1% (high earner)
Employment rates for older individuals: 59.8% (55-64 years old), 33.4% (65-69 years old)
Social security contributions paid by average earner: 18.8% of income
Composition of income sources for older people: 48.6% from work, 27.2% from private occupational transfers, 18.3% from public transfers, 5.9% from capital
28. Switzerland

Average lifetime pension payout: 9.4x annual income (men), 10.3x annual income (women)
Average effective retirement age: 64.6 years old (men), 64.0 years old (women)
Net pension income replacement rates: 45.3% (average earner), 24.1% (high earner)
Employment rates for older individuals: 72.8% (55-64 years old), 21.0% (65-69 years old)
Social security contributions paid by average earner: 9.4% of income
Composition of income sources for older people: 41.1% from public transfers, 28.3% from private occupational transfers, 15.5% from capital, 15.1% from work
27. United States
Average lifetime pension payout: 7.4x annual income (men), 7.9x annual income (women)
Average effective retirement age: 65.2 years old (men), 65.3 years old (women)
Net pension income replacement rates: 50.5% (average earner), 38.9% (high earner)
Employment rates for older individuals: 63.5% (55-64 years old), 32.4% (65-69 years old)
Social security contributions paid by average earner: 21.9% of income
Composition of income sources for older people: 39.3% from public transfers, 31.9% from work, 23.3% from capital, 5.5% from private occupational transfers
26. New Zealand
Average lifetime pension payout: 9.8x annual income (men), 10.6x annual income (women)
Average effective retirement age: 67.3 years old (men), 65.5 years old (women)
Net pension income replacement rates: 43.5% (average earner), 23.7% (high earner)
Employment rates for older individuals: 78.5% (55-64 years old), 47.3% (65-69 years old)
Social security contributions paid by average earner: 7.6% of income
Composition of income sources for older people: 46.1% from public transfers, 36.4% from work, 17.5% from capital, 0.0% from private occupational transfers
25. Latvia
Average lifetime pension payout: 7.0x annual income (men), 8.0x annual income (women)
Average effective retirement age: 61.7 years old (men), 63.2 years old (women)
Net pension income replacement rates: 52.8% (average earner), 50.3% (high earner)
Employment rates for older individuals: 69.5% (55-64 years old), 30.9% (65-69 years old)
Social security contributions paid by average earner: 24.2% of income
Composition of income sources for older people: 57.3% from public transfers, 40.0% from work, 2.7% from capital, 0.0% from private occupational transfers
24. United Kingdom
Average lifetime pension payout: 8.7x annual income (men), 9.4x annual income (women)
Average effective retirement age: 63.2 years old (men), 62.8 years old (women)
Net pension income replacement rates: 54.4% (average earner), 39.0% (high earner)
Employment rates for older individuals: 64.2% (55-64 years old), 25.3% (65-69 years old)
Social security contributions paid by average earner: 21.6% of income
Composition of income sources for older people: 41.9% from public transfers, 32.6% from private occupational transfers, 14.2% from work, 11.3% from capital
23. Iceland
Average lifetime pension payout: 8.2x annual income (men), 8.7x annual income (women)
Average effective retirement age: 68.3 years old (men), 65.8 years old (women)
Net pension income replacement rates: 52.1% (average earner), 51.3% (high earner)
Employment rates for older individuals: 82.6% (55-64 years old), 48.3% (65-69 years old)
Social security contributions paid by average earner: 14.0% of income
Composition of income sources for older people: 58.1% from public transfers, 32.2% from work, 9.7% from capital, 0.0% from private occupational transfers
22. Norway

Average lifetime pension payout: 9.4x annual income (men), 10.3x annual income (women)
Average effective retirement age: 64.9 years old (men), 62.4 years old (women)
Net pension income replacement rates: 54.8% (average earner), 36.8% (high earner)
Employment rates for older individuals: 74.5% (55-64 years old), 32.2% (65-69 years old)
Social security contributions paid by average earner: 17.0% of income
Composition of income sources for older people: 57.8% from public transfers, 18.2% from work, 14.2% from private occupational transfers, 9.8% from capital
21. Belgium

Average lifetime pension payout: 8.4x annual income (men), 9.1x annual income (women)
Average effective retirement age: 61.1 years old (men), 61.3 years old (women)
Net pension income replacement rates: 60.9% (average earner), 45.1% (high earner)
Employment rates for older individuals: 56.6% (55-64 years old), 7.5% (65-69 years old)
Social security contributions paid by average earner: 23.9% of income
Composition of income sources for older people: 85.8% from public transfers, 9.5% from work, 4.7% from capital, 0.0% from private occupational transfers
20. Germany

Average lifetime pension payout: 9.7x annual income (men), 10.8x annual income (women)
Average effective retirement age: 63.7 years old (men), 63.4 years old (women)
Net pension income replacement rates: 55.3% (average earner), 43.2% (high earner)
Employment rates for older individuals: 73.3% (55-64 years old), 19.3% (65-69 years old)
Social security contributions paid by average earner: 16.3% of income
Composition of income sources for older people: 68.0% from public transfers, 18.1% from work, 9.3% from capital, 4.6% from private occupational transfers
19. Czechia

Average lifetime pension payout: 9.7x annual income (men), 10.8x annual income (women)
Average effective retirement age: 64.0 years old (men), 62.2 years old (women)
Net pension income replacement rates: 58.9% (average earner), 41.5% (high earner)
Employment rates for older individuals: 72.9% (55-64 years old), 14.9% (65-69 years old)
Social security contributions paid by average earner: 19.5% of income
Composition of income sources for older people: 76.0% from public transfers, 21.6% from work, 2.4% from capital, 0.0% from private occupational transfers
18. Mexico

Average lifetime pension payout: 9.8x annual income (men), 10.8x annual income (women)
Average effective retirement age: 66.9 years old (men), 65.6 years old (women)
Net pension income replacement rates: 62.4% (average earner), 54.4% (high earner)
Employment rates for older individuals: 55.6% (55-64 years old), 35.4% (65-69 years old)
Social security contributions paid by average earner: 11.1% of income
Composition of income sources for older people: 51.6% from work, 27.8% from private occupational transfers, 10.9% from capital, 9.7% from public transfers
17. Slovenia

Average lifetime pension payout: 10.5x annual income (men), 11.9x annual income (women)
Average effective retirement age: 61.9 years old (men), 59.7 years old (women)
Net pension income replacement rates: 63.4% (average earner), 59.6% (high earner)
Employment rates for older individuals: 55.2% (55-64 years old), 9.7% (65-69 years old)
Social security contributions paid by average earner: 33.6% of income
Composition of income sources for older people: 72.4% from public transfers, 23.1% from work, 4.5% from capital, 0.0% from private occupational transfers
16. Slovak Republic

Average lifetime pension payout: 8.8x annual income (men), 9.9x annual income (women)
Average effective retirement age: 61.7 years old (men), 61.7 years old (women)
Net pension income replacement rates: 72.5% (average earner), 67.2% (high earner)
Employment rates for older individuals: 64.1% (55-64 years old), 9.2% (65-69 years old)
Social security contributions paid by average earner: 24.3% of income
Composition of income sources for older people: 63.9% from public transfers, 35.7% from work, 0.4% from capital, 0.0% from private occupational transfers
15. Finland
Average lifetime pension payout: 10.6x annual income (men), 12.0x annual income (women)
Average effective retirement age: 63.7 years old (men), 63.8 years old (women)
Net pension income replacement rates: 65.1% (average earner), 66.1% (high earner)
Employment rates for older individuals: 71.2% (55-64 years old), 19.4% (65-69 years old)
Social security contributions paid by average earner: 7.9% of income
Composition of income sources for older people: 80.3% from public transfers, 10.2% from capital, 9.5% from work, 0.0% from private occupational transfers
14. Denmark

Average lifetime pension payout: 11.0x annual income (men), 12.2x annual income (women)
Average effective retirement age: 64.5 years old (men), 63.8 years old (women)
Net pension income replacement rates: 77.3% (average earner), 62.5% (high earner)
Employment rates for older individuals: 73.4% (55-64 years old), 24.9% (65-69 years old)
Social security contributions paid by average earner: 3.7% of income
Composition of income sources for older people: 44.8% from public transfers, 22.8% from capital, 17.2% from work, 15.2% from private occupational transfers
13. Hungary

Average lifetime pension payout: 9.4x annual income (men), 10.6x annual income (women)
Average effective retirement age: 63.2 years old (men), 60.8 years old (women)
Net pension income replacement rates: 78.8% (average earner), 77.0% (high earner)
Employment rates for older individuals: 65.6% (55-64 years old), 12.8% (65-69 years old)
Social security contributions paid by average earner: 33.5% of income
Composition of income sources for older people: 73.0% from public transfers, 25.5% from work, 1.5% from capital, 0.0% from private occupational transfers
12. France
Average lifetime pension payout: 11.9x annual income (men), 13.5x annual income (women)
Average effective retirement age: 60.7 years old (men), 62.2 years old (women)
Net pension income replacement rates: 71.9% (average earner), 61.8% (high earner)
Employment rates for older individuals: 56.9% (55-64 years old), 9.9% (65-69 years old)
Social security contributions paid by average earner: 16.5% of income
Composition of income sources for older people: 78.1% from public transfers, 15.0% from capital, 6.9% from work, 0.0% from private occupational transfers
11. Sweden

Average lifetime pension payout: 10.8x annual income (men), 11.7x annual income (women)
Average effective retirement age: 65.5 years old (men), 64.5 years old (women)
Net pension income replacement rates: 65.3% (average earner), 82.9% (high earner)
Employment rates for older individuals: 77.3% (55-64 years old), 27.6% (65-69 years old)
Social security contributions paid by average earner: 3.6% of income
Composition of income sources for older people: 51.6% from public transfers, 19.0% from private occupational transfers, 17.0% from work, 12.4% from capital
10. Costa Rica
Average lifetime pension payout: 12.7x annual income (men), 14.1x annual income (women)
Average effective retirement age: 66.7 years old (men), 62.2 years old (women)
Net pension income replacement rates: 67.8% (average earner), 65.7% (high earner)
Employment rates for older individuals: 54.2% (55-64 years old), 21.8% (65-69 years old)
Social security contributions paid by average earner: 5.2% of income
Composition of income sources for older people: 46.1% from public transfers, 40.4% from work, 13.5% from capital, 0.0% from private occupational transfers
9. Italy

Average lifetime pension payout: 13.0x annual income (men), 14.8x annual income (women)
Average effective retirement age: 63.0 years old (men), 62.0 years old (women)
Net pension income replacement rates: 82.6% (average earner), 87.5% (high earner)
Employment rates for older individuals: 55.0% (55-64 years old), 13.8% (65-69 years old)
Social security contributions paid by average earner: 6.1% of income
Composition of income sources for older people: 75.6% from public transfers, 19.0% from work, 5.3% from capital, 0.0% from private occupational transfers
8. Colombia

Average lifetime pension payout: 15.2x annual income (men), 18.8x annual income (women)
Average effective retirement age: 67.8 years old (men), 60.7 years old (women)
Net pension income replacement rates: 73.1% (average earner), 71.5% (high earner)
Employment rates for older individuals: 55.2% (55-64 years old), 35.8% (65-69 years old)
Social security contributions paid by average earner: 0.0% of income
Composition of income sources for older people: N/A
7. Austria

Average lifetime pension payout: 15.0x annual income (men), 16.6x annual income (women)
Average effective retirement age: 61.6 years old (men), 60.9 years old (women)
Net pension income replacement rates: 87.4% (average earner), 65.9% (high earner)
Employment rates for older individuals: 56.4% (55-64 years old), 10.4% (65-69 years old)
Social security contributions paid by average earner: 11.8% of income
Composition of income sources for older people: 82.2% from public transfers, 13.4% from work, 4.4% from capital, 0.0% from private occupational transfers
6. Netherlands

Average lifetime pension payout: 13.5x annual income (men), 14.5x annual income (women)
Average effective retirement age: 65.0 years old (men), 63.9 years old (women)
Net pension income replacement rates: 93.2% (average earner), 87.5% (high earner)
Employment rates for older individuals: 73.1% (55-64 years old), 23.0% (65-69 years old)
Social security contributions paid by average earner: 16.5% of income
Composition of income sources for older people: 42.7% from public transfers, 39.6% from private occupational transfers, 11.9% from work, 5.8% from capital
5. Portugal

Average lifetime pension payout: 12.8x annual income (men), 14.4x annual income (women)
Average effective retirement age: 66.6 years old (men), 64.6 years old (women)
Net pension income replacement rates: 98.8% (average earner), 96.1% (high earner)
Employment rates for older individuals: 65.9% (55-64 years old), 21.6% (65-69 years old)
Social security contributions paid by average earner: 24.0% of income
Composition of income sources for older people: 74.7% from public transfers, 21.0% from work, 4.3% from capital, 0.0% from private occupational transfers
4. Greece
Average lifetime pension payout: 15.8x annual income (men), 17.5x annual income (women)
Average effective retirement age: 63.2 years old (men), 59.7 years old (women)
Net pension income replacement rates: 90.0% (average earner), 82.7% (high earner)
Employment rates for older individuals: 51.9% (55-64 years old), 14.1% (65-69 years old)
Social security contributions paid by average earner: 8.8% of income
Composition of income sources for older people: 74.5% from public transfers, 21.4% from work, 4.1% from capital, 0.0% from private occupational transfers
3. Turkey

Average lifetime pension payout: 13.2x annual income (men), 15.0x annual income (women)
Average effective retirement age: 61.5 years old (men), 60.2 years old (women)
Net pension income replacement rates: 95.4% (average earner), 104.2% (high earner)
Employment rates for older individuals: 35.2% (55-64 years old), 18.6% (65-69 years old)
Social security contributions paid by average earner: 26.2% of income
Composition of income sources for older people: 57.3% from public transfers, 26.9% from work, 15.8% from capital, 0.0% from private occupational transfers
2. Spain
Average lifetime pension payout: 20.1x annual income (men), 22.7x annual income (women)
Average effective retirement age: 62.1 years old (men), 61.8 years old (women)
Net pension income replacement rates: 86.5% (average earner), 57.6% (high earner)
Employment rates for older individuals: 57.7% (55-64 years old), 9.5% (65-69 years old)
Social security contributions paid by average earner: 5.9% of income
Composition of income sources for older people: 71.9% from public transfers, 19.5% from work, 8.6% from capital, 0.0% from private occupational transfers
1. Luxembourg
Average lifetime pension payout: 19.7x annual income (men), 21.8x annual income (women)
Average effective retirement age: 60.5 years old (men), 58.4 years old (women)
Net pension income replacement rates: 86.9% (average earner), 78.7% (high earner)
Employment rates for older individuals: 46.6% (55-64 years old), 6.6% (65-69 years old)
Social security contributions paid by average earner: 10.9% of income
Composition of income sources for older people: 83.1% from public transfers, 8.5% from work, 8.4% from capital, 0.0% from private occupational transfers
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