Expected retirement age
| Updated: 2.4.2012 - Next update: 1.6.2013 |
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Increase in the expected effective retirement age
In 2011, the expected effective retirement age in the earnings-related pension scheme was 60.5 years, i.e. 0.1 years higher than in the previous year. The expectancy for 50-year-olds also increased 0.1 years from the previous year. In 2011, it was 62.4 years. The expectancy for both 25-year-olds and 50-year-olds has now increased by almost a year and a half from the level preceding the 2005 reform of the earnings-related pension acts. In the last few years before the reform, changes to the effective retirement age were comparatively small.
The effective retirement age increased as much for men as for women. The expected effective retirement age of 25-year-old men was lower than that of women. However, differences between men and women have decreased.
Source:
Finnish Centre for Pensions
Description of indicator
The expected effective retirement age depicts the average expected age of actual retirement that is formed for insured persons of a certain age, when presuming that starting pensions for a certain age group and mortality rates remain at the level of the year under review. The expected effective retirement age is calculated for 25-year-olds and 50-year-olds. The prediction can be used to review, in particular, changes in the effective retirement age occurring over time. Change is followed up primarily through the expected effective retirement age for 25-year-olds, since it describes the entire population covered by earnings-related pension insurance. The expected effective retirement age of 50-year-olds is calculated due to the fact that pension policies have the greatest impact on those who have turned 50 years of age.
