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Europe Braces for Massive Retirement Age Hikes
31 Jul
Summary
- Retirement ages to rise by two years for men, 2.4 for women by 2069.
- Turkey faces largest projected increase: 13 years for men, 14 for women.
- Denmark to have highest future retirement age for both men and women at 74.
Across Europe, rapidly aging populations are placing considerable strain on pension systems, prompting significant increases in retirement ages. Projections indicate that by 2069, men entering the workforce in 2024 will retire around 66.7 years old on average, while women will retire at approximately 66.4 years old.
This represents an increase of about two years for men and 2.4 years for women compared to those retiring in 2024. These adjustments are considered a key strategy to maintain the financial sustainability of pension schemes without reducing benefit levels.
Turkey is set to experience the most dramatic shifts, with men's retirement age projected to rise by 13 years and women's by 14 years. Denmark anticipates the highest future retirement ages for both genders, reaching 74 years old.
Other countries like Estonia, Italy, and the Netherlands are also expected to see substantial increases, with retirement ages reaching 70 or higher for men and women in some cases.
