Work until you drop – When can Europe retire?
An aging society and not enough children – the dilemma of demographic change is a topic all over Europe. Increasing retirement age seems to be inescapable for many countries. Others forgo this measure, as the following comparison will show.1
At what age you can enter into well-deserved retirement depends on the country you live in. 9 years separate the earliest and the youngest retirement ages in Europe.
The leaders: on the labor market until 60 at the most
Oh, to be Slovenian. They can retire at 58.7 years of age – women at 58.3. Belgians and Luxembourgers also do quite well with a retirement age of 60. Women in the Ukraine can currently retire at 58 – however, the retirement age there will increase by 6 months every year until 2021, when it reaches the level of Ukrainian men, 60.
At the middle of the pack: 64 and you're out
It is well known that the French consider retirement sacred. For this reason it is not surprising that they retire at 62, as do Slovaks. Hungary and Italy remain slightly longer at 62.5 years and the latter may have to expect successive adjustments to the increasing life expectancy. Among Czechs the retirement ages are a tad higher: 62 year and 8 months for men and 61 years and 4 months for women. Workers who were born from 1975 onwards have to stay significantly longer, 66.7 years. Romanians also believe in a higher retirement age: the limit is currently at 63.5 (men) and 59.5 (women), but this is supposed to increase to 65 by 2030.
And at the back: 65 years and more
65 years is also the magic number in many other countries, e.g. Croatia, Sweden, Denmark, and Finland. Austrians and the Swiss are also around there, but their women have to work a bit less: Austrian women until 60 and Swiss women until 64. The Spanish have a legal retirement age of 65.2 years and the Polish work just about one month longer. Again, it pays to be a woman: they can retire five years earlier. In Germany you are out at 65.5. But there is a planned increase to 67 by 2031. 66 is the number for the Irish and Portuguese, just ahead of last place: Greece. Before the financial crisis, the retirement age was 62. In the meantime it has been increased to 67. By 2050 Greeks are even expected to work until 69.