The retirement age will be raised in EU countries: in some states it will reach 74 years

By the end of the 2060s, most European Union countries plan to raise their retirement ages. According to the Organization for Economic Cooperation and Development (OECD), the average retirement age will be 66.7 years for men and 66.6 years for women.

These changes are related to the need to ensure the financial sustainability of pension systems without reducing the size of pensions. According to the OECD, the alternative is to increase pension contributions or reduce pension benefits.

Retirement ages to rise in most countries

According to the forecast, about two-thirds of European countries will raise the retirement age for men, and almost three-quarters for women.

The study compares people who retired in 2024 with those who started working at 22 years of age in the same year and have continuous work experience. It is this category of workers who will retire in the late 2060s.

Where the retirement age will be highest

The highest retirement age is predicted in Denmark – 74 years for both men and women.

Also high retirement ages are expected:

71 years – in Estonia;

70 years – in Italy, the Netherlands, Sweden and Cyprus.

Among the largest economies in Europe, residents of Italy will retire the latest – at 70 years. In the UK, the retirement age will be 68 years, in Germany – 67 years, and in France and Spain – 65 years.

Where the retirement age will remain the lowest

For men, the lowest projected retirement age will remain in Slovenia and Luxembourg – 62 years.

For women, the lowest indicator among EU countries will remain in Poland – 60 years.

Where the changes will be the greatest

The most significant increase in the retirement age is predicted in Turkey. For women, it will increase by 14 years at once – from 49 to 63.

A significant increase is also expected:

in Denmark – by 7 years;
in Estonia – by 6.3 years;
in Italy – by 6.2 years;
in Slovakia – by 5.8 years;
in Cyprus – by 5 years;
in Romania – by 4.8 years;
in Austria – by 4.5 years;
in Sweden and Greece – by 4 years.

At the same time, in Spain the retirement age for women will remain at 65 years, and in France and Germany it will increase by less than one year.

OECD research shows that raising the retirement age remains one of the main tools that countries use to adapt pension systems to an aging population and the growing burden on state budgets.