fyi: In Slovenia and Luxembourg, retirement is expected at age 62 (after 40 years of work), while in Denmark it will reach age 74 (after 52 years).
The average retirement age for Greeks who began working in 2022 is projected to be 66 years, compared to 62 for those who retired that same year — meaning a total of 44 working years instead of 40, according to OECD data cited by a new study from the think tank Bruegel.
This is the third-lowest projected retirement age among the 27 countries examined, where retirement ages range from 62 to 74. In Slovenia and Luxembourg, people are expected to retire at 62, while in Denmark retirement is projected at 74. The Irish are expected to retire at the same age as Greeks, at 66.
However, the four-year increase in Greece’s retirement age ranks as the third-largest rise among the countries studied — following the five-year increase projected in Finland, Slovakia, the Netherlands, and Sweden, and the seven-year jump expected in Denmark, Italy, and Estonia.
Currently, Greek pensioners receive payments close to 90% of their previous income, the third-highest income replacement rate among the 27 countries, after Portugal and the Netherlands.
Based on life expectancy data, Greek men spend an average of 19 years in retirement — the sixth-highest among the countries surveyed (which range from 14 to 23 years) — while Greek women spend about 25 years, the seventh-highest (ranging from 18 to 28 years).
Sources: Βruegel, ΟΟΣΑ
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