Western analysts have assessed changes in retirement ages around the world

Increased life expectancy, declining birth rates and changing workforce structures are forcing countries to review their pension policies. As a result, in most countries the age at which citizens can claim a state pension is increasing. However, there are countries where the situation is different, and the retirement age remains low or even decreases. Western experts have examined current trends in different countries.

In Europe, the retirement age is generally between 62 and 67. For example, in the Nordic countries of Denmark, Norway and Iceland, it is 67 for both men and women. However, even there, things are changing: the Danish parliament recently passed a law that will raise the retirement age to 70 by 2040. Currently, according to the latest data, the retirement age in Denmark is 67, but it will gradually increase in the coming years, reaching 70 for those born after 1970.

In the Netherlands, for example, the average retirement age is around 66.6 years, while in Germany it is around 65.8 years. In Portugal and Spain, the retirement age is around 65–66 years.

In the UK, which has long had one of the lowest retirement ages in Europe, the situation is also changing. By 2028, the retirement age for men and women will rise from 66 to 67. According to a report by the Institute for Fiscal Studies, unless the government lifts the so-called “triple lock” on pensions, Britons will have to work until 74 to secure a decent pension. This is because the country is continuing to gradually raise the retirement age, and it could rise further in the future.

Of particular importance is the fact that in 2022 the UK passed a law that provides for a gradual increase in the state pension age, but in recent years there has been discussion about freezing it or even lowering it. As a result, the retirement age could remain at 66-67 for decades to come, and in some cases even lower.

Unlike most European countries, Turkey maintains a very low retirement age. Until 2022, it was 58 for women and 60 for men. However, in December 2022, President Erdogan cancelled the plan to raise the retirement age, allowing more than two million workers to retire immediately.

The current situation in Turkey is different in that the retirement age for most workers remains very low, and no new changes are planned yet. In the future, however, new reforms are possible, related to changes in the pension calculation formula and increasing the length of service requirements. In particular, in 2023, plans were announced to link the pension amount to the number of days of insurance experience, which may lead to the need to work longer.

In lower-income countries such as Sri Lanka, Indonesia, Bangladesh and Micronesia, the retirement age is often 55–60. In Sri Lanka, it is the lowest at 55, but many people continue to work beyond this age due to low incomes and a lack of alternative sources of income.

In Libya, on the contrary, the retirement age reaches 70 years, which is due to the peculiarities of the national social security system and life expectancy.

An analysis of data from the Organisation for Economic Co-operation and Development (OECD) shows that in most countries men retire later than women. In 23 countries, including most European countries, men and women retire at the same age. However, in nine countries there is a significant gap: in Austria and Poland, men retire about five years later than women. In Romania, Hungary and Turkey, the difference is three years or more.

"These differences are related to historical, social and economic factors, as well as the specifics of pension systems. In some countries, such as France, the minimum retirement age was recently raised from 62 to 64, which caused mass protests and strikes," the experts explain.

One of the key factors influencing the change in the retirement age is the increase in life expectancy. In most developed countries, people live longer, which increases the burden on pension systems and requires an increase in the retirement age. In European countries, where the average life expectancy exceeds 80 years, governments are forced to find a balance between the financial sustainability of pension funds and social justice.

In the UK, for example, the deputy director of pension fund policy noted that increasing life expectancy means working longer to ensure sufficient pension savings. At the same time, experts stress that raising the retirement age should take into account differences in health and life expectancy among different social groups.

Raising the retirement age has been controversial and controversial. In some countries, such as France, raising the minimum retirement age has led to mass demonstrations and strikes. In other countries, such as Denmark, the changes are gradual and linked to life expectancy, which helps ease social tensions.

At the same time, in low-income countries with weak social security systems, lowering the retirement age or keeping it low remains an important social issue. In countries like Turkey, many workers are forced to retire early due to difficult working conditions and the lack of opportunity to work longer.