Retirement age in Europe: from minimum to maximum

Lowest retirement age in Europe

According to the Organization for Economic Cooperation and Development (OECD), the minimum current retirement age in Europe is, with the exception of Turkey, 62 years for men and 60 years for women. In most countries in Europe, according to available OECD data, the current retirement age is 65 and above.

However, there are a few countries where the minimum retirement age is below the European Union average. These are Turkey (49 years for men and 45 years for women), Georgia (50 years for men and 45 years for women), Bulgaria (50 years for men and 45 years for women) and Moldova (50 years for men and 45 years for women). These countries have different reasons for their low retirement ages, ranging from a lack of resources to provide social protection for the elderly to a high proportion of demographic crisis.

The highest retirement age in Europe

On the other hand, there are a few countries where the minimum retirement age is higher than the European Union average. These are Norway (52 for men and 47 for women), Iceland (52 for men and 47 for women), Sweden (52 for men and 48 for women) and France (52 for men and 48 for women). These countries also have their own characteristics, ranging from a high standard of living to a difficult economic situation.

The actual age of retirement shows a greater variation than the age of early retirement and is more reflective of the age of compulsory retirement. For men, it ranges from 52 years in Turkey to 67 years in Norway and Iceland. For women, it is 49 years in Turkey, while Norway and Iceland have the highest retirement age at 67 years.

Impact of retirement age on the economy and social status

Retirement age is important not only for individual welfare but also for the economic and social development of a country. On the one hand, an increase in the retirement age can increase labor productivity, reduce the deficit of pension systems, and improve the living standards of retirees. On the other hand, increasing the retirement age can lead to a deterioration in the health and quality of life of workers, increase unemployment and inequality, and reduce social solidarity and trust.

Therefore, choosing the optimal retirement age requires balancing economic and social objectives, as well as taking into account the specificities of each country. Some factors that may influence this choice include demographics, the education and skill levels of the population, health and labor market conditions, the structure and sustainability of pension systems, and citizens' preferences and expectations.

Prospects for changing the retirement age in Europe

Due to increasing life expectancy and ageing populations, many countries in Europe face the challenge of financing pension systems and ensuring a decent standard of living for pensioners. Therefore, various measures have been taken in recent years to reform pension systems, including raising the retirement age.

According to OECD projections, the minimum retirement age in Europe will rise to 65 for men and 64 for women by 2060. However, in some countries it will be even higher: in Norway, Iceland and Denmark - 74 years, in the Netherlands - 71 years, in Italy and Sweden - 69 years. At the same time, in some countries it will be below average: in Turkey - 56 years, in Georgia - 57 years, in Bulgaria and Moldova - 58 years.

Thus, we can expect more diversity in retirement ages in Europe in the future, depending on the economic and social situation of each country. However, it is important that this process is accompanied by measures to support the employment and health of the older generation, as well as to increase pension savings and income.