Retirement in Europe

Last updated

Retirement age differs in European countries and is a matter of debate across Europe because of an aging population.

Contents

Retirement age by country

Retirement age in Europe
CountryMenWomenYearNotesReferences
Albania 65612020 [1]
Austria 65602018In Austria the retirement age for women is to be equalized to the retirement age for men (65) by 2033. [2] [1] [3]
Belarus 62.557.52021By 2022, the age will be 63 for men and 58 for women. [4] [5]
Belgium 66662025In Belgium the retirement age is to be increased gradually to 67 years by 2030. [2] [5] [5] "SFPD".</ref>
Bosnia and Herzegovina 65652024 [1]
Bulgaria 64 (and 7 months)62 (and 2 months)2024In Bulgaria the retirement age for women is to be equalized to the retirement age for men (65) by 2037. [2]
Croatia 6563 (and 6 months)2024In Croatia the retirement age for women is to be equalized to the retirement age for men (65) by 2030. [2]
Cyprus 65652018 [1] [3]
Czech Republic 63 (and 4 months)58 (and 8 months) – 62 (and 8 months)2018In the Czech Republic, in the year 2015, men had the retirement age of 62 years and 10 months and women had it between 58 and 62, depending on number of children. [6] [7] In Czech Republic, the retirement age is in the process of being increased, and therefore depends on year of birth (for individuals born after 1977 it may exceed even 67. e.g. a person born in year 1995 must be at least 70 years old. [8] ) For women the retirement age depends on the number of raised children as well. [9] For people born in 1975, the retirement age will be the same (66y8m) regardless of sex and number of children raised; and this age will reach 67 for people born in 1977. [7]
Denmark 67672022In Denmark, the retirement age will be increased gradually to reach 67 years by 2022. From 2030 onwards, it will be increased a maximum of one year every five years depending on increases in average lifespan. [10] [11] See also: Pensions in Denmark. [3] [5]
Estonia 63 (and 9 months)63 (and 9 months)2019In Estonia the retirement age is to be increased gradually to 65 years by 2026. [12] After 2026 it will be linked to the average life expectancy. [3] [5]
Finland 65652008 [3]
France 62 to 6762 to 672022Depends on the duration of contribution (minimum 43 years)
Germany 65 (and 7 months)65 (and 7 months)2015In Germany the retirement age is to be increased gradually and reach 67 years by 2029. See also: Pensions in Germany. [3] [5]
Greece 67672015 [2]
Hungary 65652022Women with 40 years of insurance can retire at any age. [2] [2]
Iceland 67672018 [5]
Ireland 66662024In Ireland there is no general mandatory retirement age although some jobs, such as jobs in law enforcement or firefighting, may be subject to a statutory retirement age. Employers may define their own retirement age but the state pension is not available to those younger than 66. The longer an individual postpones withdrawing the pension, the greater the weekly state pension payment, up to age 70. [13]
Italy 67672019Must have paid contributions for at least 20 years.

Those who have paid contributions for at least 38 years can retire at 64. [14] Those who have paid contributions for at least 41 years and 10 months (women) or 42 years and 10 months (men) can retire regardless of age.

 [15]
Latvia 64 (and 6 months)64 (and 6 months)2023The age will be 65 by 2025. [2] [2]
Liechtenstein 65652018 [5]
Lithuania 64 (and 6 months)642023In Lithuania, the retirement age will be 65 for both men and women by 2026. [2] [2] [16]
Luxembourg 65652018 [1]
Malta 62622015In Malta the retirement age is to be increased gradually to 65 years by 2027. [2] [2]
Moldova 63592020Retirement age for women is increasing every 6 months until it reaches 63 years in 2028. [1]
Montenegro 66642022 [1]
Netherlands 67672024In the Netherlands the retirement age is 68 years old. The state pension for all elderly is being increased gradually and in 2028 the state pension age will be raised again, to 67 years and 3 months. For men and women born after January 1st, 1999 the expected retirement age is 70 years old. [17] After 2022 it is linked to the average life expectancy. [1] [3] [18]
North Macedonia 64622011 [1]
Norway 67672018See also: Pensions in Norway

The general retirement age is currently set to age 67, however, given sufficient pension contributions it is possible to retire as early as at age 62. The longer an individual postpones withdrawing a pension, the greater the government pension provision becomes.

Poland 65602016
Portugal 66 (and 4 months)66 (and 4 months)2018 [19]
Romania 65612019The age for women is being increased gradually. It will reach 63 by 2030. [20] [21]
Serbia 6563 (and 8 months)2024By the year of 2032 retirement age for women will equalize with men and reach 65.

Also it is possible to gain pension after 45 years of labour if that happens prior to 66th year of life for men or aged 61 years and 6 months for women. It would be at least 60 for both men and women, considering the fact that person is legally labour-eligible aged 15 in Serbia. [22]

[1]
Slovakia 64642021 [23]
Slovenia 65652018 [2]
Spain 65 (and 3 months)65 (and 3 months)2015The age will be 67 by 2027. [2] See also: Pensions in Spain. [1] [3]
Sweden 66662020, options age 62–68.By 2026 it will be 67, with options age 64-69.
Switzerland 65642022 [24] [25] [26]
Ukraine 60602022
United Kingdom 66662021The retirement age is due to be increased to 67 by 2028 and 68 by 2046. See also: Pensions in the United Kingdom. [27]

See also

Related Research Articles

<span class="mw-page-title-main">Retirement</span> Point where a person ceases employment permanently

Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload.

<span class="mw-page-title-main">Pension</span> Retirement fund

A pension is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be:

A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income. The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the world's largest public pension fund. Pension funds typically have large amounts of money to invest and are the major investors in listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold about USD$6 trillion in assets. In 2012, PricewaterhouseCoopers estimated that pension funds worldwide hold over $33.9 trillion in assets, the largest for any category of institutional investor ahead of mutual funds, insurance companies, currency reserves, sovereign wealth funds, hedge funds, or private equity.

<span class="mw-page-title-main">Old age</span> End of life stage

Old age is the range of ages for people nearing and surpassing life expectancy. People who are of old age are also referred to as: old people, elderly, elders, senior citizens, seniors or older adults. Old age is not a definite biological stage: the chronological age denoted as "old age" varies culturally and historically. Some disciplines and domains focus on the aging and the aged, such as the organic processes of aging (senescence), medical studies of the aging process (gerontology), diseases that afflict older adults (geriatrics), technology to support the aging society (gerontechnology), and leisure and sport activities adapted to older people.

A disability pension is a form of pension given to those people who are permanently or temporarily unable to work due to a disability.

<span class="mw-page-title-main">Dependency ratio</span> Age-population ratio of those in the labor force to those not in the labor force

The dependency ratio is an age-population ratio of those typically not in the labor force and those typically in the labor force. It is used to measure the pressure on the productive population.

<span class="mw-page-title-main">Population ageing</span> Increasing median age in a population

Population ageing is an increasing median age in a population because of declining fertility rates and rising life expectancy. Most countries have rising life expectancy and an ageing population, trends that emerged first in developed countries but are now seen in virtually all developing countries. In most developed countries, the phenomenon of population aging began to gradually emerge in the late 19th century. The aging of the world population occurred in the late 20th century, with the proportion of people aged 65 and above accounting for 6% of the total population. This reflects the overall decline in the world's fertility rate at that time. That is the case for every country in the world except the 18 countries designated as "demographic outliers" by the United Nations. The aged population is currently at its highest level in human history. The UN predicts the rate of population ageing in the 21st century will exceed that of the previous century. The number of people aged 60 years and over has tripled since 1950 and reached 600 million in 2000 and surpassed 700 million in 2006. It is projected that the combined senior and geriatric population will reach 2.1 billion by 2050. Countries vary significantly in terms of the degree and pace of ageing, and the UN expects populations that began ageing later will have less time to adapt to its implications.

This article lists the statutory retirement age in different countries. In some contexts, the retirement age is the age at which a person is expected or required to cease work. It is usually the age at which such a person may be entitled to receive superannuation or other government benefits, like a state pension.

<span class="mw-page-title-main">Pensions crisis</span> Predicted difficulty in maintaining pensions

The pensions crisis or pensions timebomb is the predicted difficulty in paying for corporate or government employment retirement pensions in various countries, due to a difference between pension obligations and the resources set aside to fund them. The basic difficulty of the pension problem is that institutions must be sustained over far longer than the political planning horizon. Shifting demographics are causing a lower ratio of workers per retiree; contributing factors include retirees living longer, and lower birth rates. An international comparison of pension institution by countries is important to solve the pension crisis problem. There is significant debate regarding the magnitude and importance of the problem, as well as the solutions. One aspect and challenge of the "Pension timebomb" is that several countries' governments have a constitutional obligation to provide public services to its citizens, but the funding of these programs, such as healthcare are at a lack of funding, especially after the 2008 recession and the strain caused on the dependency ratio by an ageing population and a shrinking workforce, which increases costs of elderly care.

The Health and Retirement Study (HRS) is a longitudinal survey of a representative sample of Americans over age 50 conducted by the Survey Research Center (SRC) at the Institute for Social Research (ISR) at the University of Michigan in Ann Arbor and supported by the National Institute on Aging (NIA). The study interviews approximately 20,000 respondents every two years on subjects like health care, housing, assets, pensions, employment and disability. The study is managed through a cooperative agreement between the NIA, which provides primary funding, and the ISR, which administers and conducts the survey. Beginning in 2012, HRS began adding genetic information from consenting participants to its database. The economic measures captured by the data in the HRS are regarded as being of very high quality.

<span class="mw-page-title-main">Survey of Health, Ageing and Retirement in Europe</span>

The Survey of Health, Ageing and Retirement in Europe (SHARE) is a multidisciplinary and cross-national panel database of micro data on health, socio-economic status and social and family networks. In seven survey waves to date, SHARE has conducted approximately 380,000 interviews with about 140,000 individuals aged 50 and over. The survey covers 28 European countries and Israel.

<span class="mw-page-title-main">Ageing of Europe</span> Overview of ageing in Europe

The ageing of Europe, also known as the greying of Europe, is a demographic phenomenon in Europe characterised by a decrease in fertility, a decrease in mortality rate, and a higher life expectancy among European populations. Low birth rates and higher life expectancy contribute to the transformation of Europe's population pyramid shape. The most significant change is the transition towards a much older population structure, resulting in a decrease in the proportion of the working age while the number of the retired population increases. The total number of the older population is projected to increase greatly within the coming decades, with rising proportions of the post-war baby-boom generations reaching retirement. This will cause a high burden on the working age population as they provide for the increasing number of the older population.

<span class="mw-page-title-main">Active ageing</span>

Active ageing is a concept recently deployed by the European Commission, the World Health Organization, and used also in Human Resource Management. This concept evokes the idea of longer activity, with a higher retirement age and working practices adapted to the age of the employee. It also extends to the social engagement of the elderly in the collectivity.

<span class="mw-page-title-main">Defined benefit pension plan</span> Type of pension plan

Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provide defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay.

According to the International Labour Organization, social security is a human right that aims at reducing and preventing poverty and vulnerability throughout the life cycle of individuals. Social security includes different kinds of benefits A social pension is a stream of payments from the state to an individual that starts when someone retires and continues to be paid until death. This type of pension represents the non-contributory part of the pension system, the other being the contributory pension, as per the most common form of composition of these systems in most developed countries.

Pensions in Spain consist of a mandatory state pension scheme, and voluntary company and individual pension provision.

<span class="mw-page-title-main">Bernd Marin</span> Austrian sociologist

Bernd Marin is an Austrian social scientist.

The Max Planck Institute for Social Law and Social Policy is a research facility located in Maxvorstadt, Munich, Bavaria, Germany.

An occupational pension fund, also referred to as an employer funded or employer administered scheme, is a pension offered by an employer to an employee's retirement scheme. Within the European Union (EU), these pension funds can vary throughout certain Member States due to differences in retirement ages in Europe, salaries and length of careers, labour and tax laws, and phases of reform.

References

  1. 1 2 3 4 5 6 7 8 9 10 11 Інформація про поточний пенсійний вік у різних країнах, Консультаційна компанія "Стратегія Лайф" .
  2. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 "Etk.fi - Avain asiantuntijan työeläketietoon". etk.fi. Retrieved 23 July 2016.
  3. 1 2 3 4 5 6 7 8 2009 Ageing Report: Economic and budgetary projections for the EU-27 Member States (2008–2060). Joint Report prepared by the European Commission (DG ECFIN) and the Economic Policy Committee (AWG), , p. 78.
  4. ↑ "Пенсионный возраст в Беларуси | Новости Беларуси|БелТА". 11 April 2016.
  5. 1 2 3 4 5 6 7 8 Kłos B., Wiek emerytalny kobiet i mężczyzn, "infos", 7.02.2008 Archived 2010-03-31 at the Wayback Machine
  6. ↑ "Retirement Ages".
  7. 1 2 "Old-age Pension". Czech social security administration. Archived from the original on 2 March 2012.
  8. ↑ Part 3 of paragraph 32 of Czech law 155/1995
  9. ↑ Czech Social Security Administration: Old-age Pension
  10. ↑ "Adjust your savings to match your retirement expectations". english.pfa.dk. Retrieved 23 July 2016.
  11. ↑ "Denmark has world's best pension system - The Local". thelocal.dk. 13 October 2014. Retrieved 23 July 2016.
  12. ↑ "Pensionikeskus". pensionikeskus.ee. Archived from the original on 25 December 2018. Retrieved 9 April 2017.
  13. ↑ "Retirement age". Citizens Information. Retrieved 15 January 2025.
  14. ↑ Pensione anticipata con 64 anni di età e 38 anni di contribuzione
  15. ↑ "Età pensionabile".
  16. ↑ "Old age pension age table". Sodra. Retrieved 24 April 2020.
  17. ↑ "Old Age Pension (AOW)" . Retrieved 15 January 2015.
  18. ↑ "Op 1 januari 2018 gaat de pensioenleeftijd naar 68 jaar: wat betekent dat voor jou?". Business Insider. 30 October 2017. Retrieved 19 May 2018.
  19. ↑ Raquel Martins (15 October 2013). "Idade da reforma passa para os 66 anos em 2014". PÚBLICO.
  20. ↑ "Casa Judeteana de Pensii Arad".
  21. ↑ "Casa Judeteana de Pensii Arad". cjpensiiarad.ro. Retrieved 23 July 2016.
  22. ↑ The Institute for Social Insurance
  23. ↑ "Dôchodkový vek".
  24. ↑ "Die Pensionierung planen". www.ch.ch (in German). Retrieved 22 August 2022.
  25. ↑ Office, Central Compensation. "Old-age pensions". www.zas.admin.ch. Retrieved 22 August 2022.
  26. ↑ "10. AHV-Revision". swissvotes.ch. Retrieved 22 August 2022.
  27. ↑ "Check your State Pension age | nidirect". 28 October 2015.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.