Lucky people in one European country are allowed to retire at the age of just 49. In many countries, the retirement age is rising with citizens needing to work for longer. The Organisation for Economic Co-operation and Development (OECD) estimates that by 2060, the average retirement age in the EU will be around 67. Life expectancy and years spent in retirement are rising across Europe with many countries increasing thresholds as a result.
The OECD released its “Pensions at a Glance” report which provided an insight into projected European pension ages in the coming years. When including the UK, EFTA countries, and EU candidate Turkey, Turkey stands out as a significant outlier, with retirement ages of just 49 for women and 52 for men. The report says Denmark will have the highest retirement age by 2060, with people retiring at age 74.
It says the average retirement age in the EU is 64.7 for men and 63.8 for women. Three Nordic countries, Denmark, Norway, and Iceland, have the highest retirement age at 67 for both men and women.
Social Democrat Prime Minister Mette Frederiksen had previously questioned the fairness of automatic rises, warning that “you can’t just keep saying that people have to work a year longer”.
The retirement age is also above 65 in several other countries, including the Netherlands (66.6), the UK and Ireland (both 66), Germany (65.8), and Portugal (65.6).
As of 2022, the statutory retirement age for men in the EU ranged from 62 to 67, while for women it ranged from 60 to 67.
If Turkey is excluded, Greece, Luxembourg, and Slovenia have the lowest retirement age for men in the list, and in the EU, at 62.
All Nordic countries will rank among the highest, with retirement ages above the EU average.
In 23 countries, men and women retire at the same age, showing no gender gap. In the remaining nine countries, men have a higher retirement age.
The largest gaps are in Austria and Poland, where men retire five years later than women. The difference is also three years or more in Romania, Hungary, and Turkey. In the EU overall, the gender gap in the retirement age is 0.9 years.
In the UK, between 2026 and 2028 the UK state pension age is scheduled to increase gradually to 67, affecting those born on or after 6 April 1960.
It is then set to rise to 68 between 2044 and 2046, affecting those born on or after 5 April 1977.
