Retirement in Europe

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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 65652018In Belgium the retirement age is to be increased gradually to 67 years by 2030. [2] [5]
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)2024By 2038 there will be an equal age for women and men set at 67. (Women's age will reach 65 in 2030 and 67 in 2038). [2] [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 65652024In Ireland the retirement age is currently 65 [13] and will be increased gradually and reach 68 years by 2028. [2] [1] [3] [5]
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 66 (and 4 months)66 (and 4 months)2019In the Netherlands the retirement age is 68 years old. The state pension for all elderly is to be increased gradually to reach 67 years and 9 months by 2022. [17] After 2022 it will be 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 65652020, options age 62–68.By 2023 the retirement age will be 66 and 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

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

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<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

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

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

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

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<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.

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<span class="mw-page-title-main">Public pensions in Greece</span>

Public pensions in Greece are designed to provide incomes to Greek pensioners upon reaching retirement. For decades pensions in Greece were known to be among the most generous in the European Union, allowing many pensioners to retire earlier than pensioners in other European countries. This placed a heavy burden on Greece's public finances which made the Greek state increasingly vulnerable to external economic shocks, culminating in a recession due to the 2008 financial crisis and subsequent European debt crisis. This series of crises has forced the Greek government to implement economic reforms aimed at restructuring the pension system and eliminating inefficiencies within it. Measures in the Greek austerity packages imposed upon Greek citizens by the European Central Bank have achieved some success at reforming the pension system despite having stark ramifications for standards of living in Greece, which have seen a sharp decline since the beginning of the crisis.

The pension scheme in Malta is relatively new due to the nature of having gained independence from the United Kingdom on 21st September, 1964 and became a republic on 13th December, 1974. It also has the smallest economy in the eurozone which explains why Malta very recently enacted the Retirement Pensions Act of 2015. Since Malta has been a member of the European Union since May 1, 2004, they are to uphold the values of The European Pillar of Social Rights. Though, ultimately pension policy and the regulation of it is held at the national level. There are different types of retirement schemes citizens of Malta qualify for. The first being an occupational retirement scheme in that this plan is established either for or by an employer for associated employees. The second is a personal retirement scheme in which the individual has contributed to the plan rather than an employer.

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 12 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 16 17 "Etk.fi - Avain asiantuntijan työeläketietoon". etk.fi. Retrieved 23 July 2016.
  3. 1 2 3 4 5 6 7 8 9 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 2012-03-02.
  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 2018-12-25. Retrieved 2017-04-09.
  13. ↑ "Mandatory Retirement Policy in the Spotlight". Mason Hayes Curran. Retrieved 11 January 2024.
  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. ↑ Werkgelegenheid, Ministerie van Sociale Zaken en (3 Nov 2017). "AOW-leeftijd in 2023 niet omhoog". www.rijksoverheid.nl (in Dutch). Retrieved 2018-03-29.
  18. ↑ "Op 1 januari 2018 gaat de pensioenleeftijd naar 68 jaar: wat betekent dat voor jou?". Business Insider. 2017-10-30. Retrieved 2018-05-19.
  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 2022-08-22.
  25. ↑ Office, Central Compensation. "Old-age pensions". www.zas.admin.ch. Retrieved 2022-08-22.
  26. ↑ "10. AHV-Revision". swissvotes.ch. Retrieved 2022-08-22.
  27. ↑ "Check your State Pension age | nidirect". 28 October 2015.
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