Denmark has decided to raise the retirement age to 70 by 2040. Several other European countries have also passed laws to raise the retirement age in the coming years.
According to the OECD, Denmark will lead by 2060, with people retiring at the age of 74, the Telegraph reports.
So what are the current and projected retirement ages across Europe? Which countries have the highest retirement ages? Is there a gender gap in retirement ages? How will retirement ages change between those retiring today and those just entering the workforce?
Euronews takes a closer look at retirement ages and future trends in Europe, based on the OECD's "Pensions at a Glance" report.
As of 2022, the statutory retirement age for men in the EU ranged from 62 to 67 years, while for women it ranged from 60 to 67 years.
When including the United Kingdom, EFTA countries and EU candidate Turkey, Turkey stands out as a significant exception, with a retirement age of only 49 years for women and 52 years for men.
The average retirement age in the EU is 64.7 years for men and 63.8 years for women.
Nordic countries have the highest retirement ages
Three Nordic countries - Denmark, Norway and Iceland - have the highest retirement age, 67 years, for both men and women.
The retirement age is also above 65 in several other countries, including the Netherlands (66.6), the United Kingdom and Ireland (both 66), Germany (65.8) and Portugal (65.6).
Other countries with a retirement age of 65 include Austria, Poland, Romania, Hungary, Croatia, Switzerland, Belgium, Italy, Spain and Cyprus.
Among Europe's five largest economies, France has the lowest retirement age at 64.8 years - but the difference is small.
However, according to the 2024 Ageing Report, people in France can retire once they reach the minimum retirement age - 62 years old for those born up to 1960 and 64 years old for those born in 1968 or later.
When excluding Turkey, Greece, Luxembourg and Slovenia have the lowest retirement age for men on the list - and in the EU - at 62.
Women in these countries also retire at age 62. However, the lowest retirement age for women is found in Austria and Poland, where it is 60.
Gender gap in retirement ages
In 23 countries, men and women retire at the same age, showing no gender gap. In the remaining nine countries, men have a higher retirement age.
The biggest gaps are in Austria and Poland, where men retire five years later than women. The gap is also three years or more in Romania, Hungary and Turkey.
In the EU as a whole, the gender gap in retirement age is 0.9 years.
Future retirement ages until 2060
According to the OECD, "based on established links between retirement age and life expectancy," retirement ages are projected to increase in 20 countries for men and 24 for women out of the 32 countries analyzed in Europe. Some are also based on measures already in place.
Normal future retirement ages for those entering the labor market in 2022 are projected to range from 62 to 74 for men and from 60 to 74 for women by 2060.
The EU average is expected to reach 66.7 for men and 66.4 for women.
The retirement age in Denmark will reach 74 by 2060.
Denmark is expected to have the highest retirement age by 2060, with men and women retiring at age 74.
Italy and Estonia will follow at age 71, while the Netherlands, Sweden and Cyprus are projected to reach age 70.
The future retirement age is 69 years in Finland and Slovakia, closely followed by 68 years in Portugal.
Five countries - including the UK, Germany, Belgium, Norway and Iceland - have a future retirement age of 67. It will also exceed 65 in Ireland and Greece, reaching 66.
This shows that all Nordic countries will rank among the highest, with retirement ages above the EU average.
According to the Finnish Pensions Centre, several countries have already updated their retirement ages, with increases planned in the near future.
For example, Belgium will raise the retirement age to 67 by 2030, Denmark to 69 by 2035, and the United Kingdom to 68 by 2046.
Is there a gender gap in future retirement ages?
Slovenia and Luxembourg will have the lowest retirement age for men, at 62, among those entering the labor market in 2022, while Poland will have the lowest age for women, at 60.
In fourteen countries, the future retirement age is 65 for men, although it remains lower for women in some of these countries.
By 2060, the gender gap in retirement age will disappear almost across Europe, remaining only in Poland, Hungary, Romania and Turkey.
Where will retirement ages increase the most?
When comparing 2022 retirees to those entering the labor market in 2022, Turkey will see the largest increase in retirement age - 13 years for men and 14 years for women.
In Denmark, the increase will be 7 years for both. As of 2021, Denmark ranked second in the EU for average pension expenditure per beneficiary, both in nominal terms and when adjusted for purchasing power standards (PPS).
Estonia, Slovakia, Italy, Sweden and Cyprus are also expected to raise the retirement age by 5 years or more by 2060.
The retirement age may vary for those who enter the workforce early or individuals with specific circumstances.
Pensions in the EU typically amount to around 60% of income at the end of one's career. However, in many European countries, this rate falls below 50%, making it increasingly difficult for retirees to maintain a decent standard of living. /Telegraph/
