Europe’s rising retirement ages: One country leads—which will follow?

Life expectancy and years spent successful status are rising crossed Europe. In response, galore countries are expanding status ages. Denmark has already decided to raise nan status property to 70 by 2040. Several different European countries person besides passed laws to raise pension ages successful nan coming years. According to nan OECD, Denmark will lead by 2060, pinch group retiring astatine property 74.

So, what are nan existent and projected status ages crossed Europe? Which countries person nan highest status ages? Is location a gender spread successful status ages? How will nan status property disagree betwixt those retiring coming and those conscionable entering nan workforce?

Euronews takes a person look astatine status ages and early trends successful Europe, based connected nan OECD’s Pensions astatine a Glance report. 

As of 2022, nan statutory status property for men successful nan EU ranged from 62 to 67, while for women it ranged from 60 to 67. When including nan UK, EFTA countries, and EU campaigner Turkey, Turkey stands retired arsenic a important outlier, pinch status ages of conscionable 49 for women and 52 for men. 

The mean status property successful nan EU is 64.7 for men and 63.8 for women.

Nordic countries person nan highest status ages

Three Nordic countries—Denmark, Norway, and Iceland—have nan highest status property astatine 67 for some men and women. The status property is besides supra 65 successful respective different countries, including nan Netherlands (66.6), nan UK and Ireland (both 66), Germany (65.8), and Portugal (65.6).

Other countries pinch a status property of 65 see Austria, Poland, Romania, Hungary, Croatia, Switzerland, Belgium, Italy, Spain, and Cyprus.

Among Europe’s 5 largest economies, France has nan lowest status property astatine 64.8—but nan quality is marginal. However, according to nan 2024 Ageing Report, group successful France tin discontinue erstwhile they scope nan minimum status age—62 for those calved up to 1960, and 64 for those calved successful 1968 aliases later.

When Turkey is excluded, Greece, Luxembourg, and Slovenia person nan lowest status property for men successful nan list—and successful nan EU—at 62. Women successful these countries besides discontinue astatine 62. However, nan lowest status property for women is recovered successful Austria and Poland, wherever it is 60.

Gender spread successful status ages

In 23 countries, men and women discontinue astatine nan aforesaid age, showing nary gender gap. In nan remaining 9 countries, men person a higher status age. The largest gaps are successful Austria and Poland, wherever men discontinue 5 years later than women. The quality is besides 3 years aliases much successful Romania, Hungary, and Turkey. 

In nan EU overall, nan gender spread successful nan status property is 0.9 years.

Future status ages by 2060

According to nan OECD, “based connected established links betwixt nan status property and life expectancy,” nan status property is projected to summation successful 20 countries for men and successful 24 countries for women retired of nan 32 analysed successful Europe. Some are besides based connected already legislated measures.

Future normal status ages for those entering nan labour marketplace successful 2022 are projected to scope from 62 to 74 for men, and from 60 to 74 for women by 2060.

The EU mean is expected to scope 66.7 for men and 66.4 for women.

Retirement property to scope 74 successful Denmark by 2060

Denmark is expected to person nan highest status property by 2060, pinch some men and women retiring astatine 74. 

Italy and Estonia are group to travel astatine 71, while nan Netherlands, Sweden, and Cyprus are projected to scope 70.

The early status property is 69 successful Finland and Slovakia, intimately followed by 68 successful Portugal.

Five countries—including nan UK, Germany, Belgium, Norway, and Iceland—have a early status property of 67. It will besides transcend 65 successful Ireland and Greece, reaching 66. 

This shows that each Nordic countries will rank among nan highest, pinch status ages supra nan EU average. 

According to nan Finnish Centre for Pensions, respective countries person already updated their status ages, pinch increases scheduled successful nan adjacent future. For example, Belgium will raise its status property to 67 by 2030, Denmark to 69 by 2035, and nan UK to 68 by 2046.

Any gender spread successful early status ages?

Slovenia and Luxembourg will person nan lowest status property for men astatine 62 among those entering nan labour marketplace successful 2022, while Poland will person nan lowest for women astatine 60.

In fourteen countries, nan early status property is 65 for men, though it remains little for women successful immoderate of these countries.

By 2060, nan gender spread successful status property will almost vanish crossed Europe, remaining only successful Poland, Hungary, Romania, and Turkey.

Where will status ages emergence nan most?

When comparing 2022 retirees pinch those entering nan labour marketplace successful 2022, Turkey will spot nan largest summation successful status age—13 years for men and 14 years for women. 

In Denmark, nan summation will beryllium 7 years for both. As of 2021, Denmark ranked second successful nan EU for mean pension expenditure per beneficiary, some successful nominal position and erstwhile adjusted for purchasing powerfulness standards (PPS).

Estonia, Slovakia, Italy, Sweden, and Cyprus are besides expected to raise status ages by 5 years aliases much by 2060.

Retirement ages whitethorn alteration for early entrants to nan workforce aliases individuals pinch circumstantial circumstances. 

Pensions successful nan EU typically amount to around 60% of late-career earnings. In galore European countries, however, this complaint drops beneath 50%, making it progressively difficult for pensioners to support a decent modular of living.