Key facts
- EU men's retirement age to rise from 64.7 to 66.7 by late 2060s.
- EU women's retirement age to rise from 64 to 66.4 by late 2060s.
- Two-thirds of European countries to raise men's retirement age.
- Three-quarters of European countries to raise women's retirement age.
- Denmark to have highest future retirement age for both men and women at 74.
- Turkey to see largest increases: 13 years for men, 14 years for women.
Retirement ages across Europe are set to rise significantly by the late 2060s as countries grapple with aging populations and the financial sustainability of their pension systems. Analysis indicates that men's retirement age will increase from an average of 64.7 to 66.7 years, while women's will go from 64 to 66.4 years.
These projections, based on the OECD's Pensions at a Glance 2025 report, suggest that approximately two-thirds of European countries will raise retirement ages for men, and three-quarters for women. The comparison is made between individuals retiring in 2024 and those who entered the labor market at age 22 in that same year, assuming an uninterrupted career, which would typically lead to retirement in the late 2060s.
"Increasing retirement ages remains a common strategy to improve the financial sustainability of pension systems without reducing pension levels," the OECD report stated. Alternatively, financial sustainability can be achieved through higher contributions or reduced benefit levels.
Currently, Denmark, Norway, Iceland, and the Netherlands have the highest retirement age for men at 67, while the EU average stands at 64.7. Turkey is a notable outlier with a retirement age of 52. Looking ahead, Denmark is projected to have the highest retirement age for men at 74, followed by Estonia at 71, and Italy, the Netherlands, Sweden, and Cyprus at 70. For women, Denmark also leads with a projected retirement age of 74, with Estonia at 71 and Italy, the Netherlands, Sweden, and Cyprus at 70.
Turkey is expected to experience the most dramatic increase for men, with their retirement age rising by 13 years from 52 to 65. Denmark will see a seven-year increase for men. For women, Turkey's retirement age is projected to jump by 14 years, from 49 to 63. Italy and Denmark are expected to see a seven-year rise for women.
The OECD forecasts that for every 100 people aged 20-64, the number aged 65 and over will rise from 33 in 2025 to 52 in 2050, highlighting the demographic pressures on pension systems.