Retirement ages are rising across Europe as people live longer, but there are significant differences between countries in how many years people are expected to live after entering retirement.
As of 2024, the retirement age in the EU is 64.7 years for men and 64 years for women according to the OECD.
As people become eligible to receive a pension once they reach retirement age, Euronews Business used life expectancy at the retirement age in each country.
They can expect to receive a pension for that number of years if they meet other requirements such as the required number of years in work. Of course, some pensioners continue working after reaching the retirement age.
18.4 years for men, 21.8 years for women
Men in the EU are expected to live for an average of 18.4 years after retirement, compared with 21.8 years for women. These figures are based on life expectancy at their retirement ages, according to Eurostat and OECD data from 2024.
For men, the expected number of years receiving a pension ranges from 14.7 years in Bulgaria and Hungary to 27.3 years in Turkey. Within the EU, Luxembourg has the longest period, with men expected to receive a pension for 22 years.
This gap mainly stems from two factors: differences in retirement ages and life expectancy.
Male pensioners in Greece (21 years), France (20.7), Slovenia (20.7), Switzerland (20.4) and Malta (20.2) are also expected to spend more than 20 years in retirement.
The expected number of years in retirement is also above the EU average of 18.4 years in Cyprus (19.8), Sweden (19.4), Portugal (19.3), Belgium (19.1), Ireland (19), the UK (19), Austria (18.8) and Finland (18.7).
Germany has the lowest retirement years among major economies
This shows that, except for Germany, men in the other major European economies are expected to spend more years in retirement than the EU average. In Germany, the figure is 1.1 years below the EU average, creating a significant gap with France, Italy and Spain.
By contrast, in addition to Bulgaria and Hungary, male pensioners are expected to spend the fewest years in retirement in Latvia, Romania and Lithuania, all below 16 years.
For women, the expected number of years in retirement is 21.8 in the EU, while it ranges from 18.6 years in Hungary to 34.5 years in Turkey. It is also above 25 years in Luxembourg.
Women in Slovenia, Greece, France, Spain, Switzerland, Malta, Italy, Portugal, Cyprus and Finland are also projected to spend more than 22 years in retirement, meaning they are expected to receive a pension for over 22 years.
Among women, not only Germany (20.3) but also the UK (21) is below the EU average.
Besides Hungary, women are expected to spend less than 20 years in retirement in several countries. These include Bulgaria (18.8), Romania (19.1), the Netherlands (19.2), Croatia (19.6), Denmark (19.7), Latvia (19.8) and Iceland (19.8).
Retirement age and expected age at death
As of 2024, Turkey is an outlier among the 32 European countries, with a current retirement age of 52 for men and 49 for women.
Apart from Turkey, retirement ages range from 62 to 67 years for men and from 60 to 67 years for women across the other countries on the list.
The retirement age in the EU is 64.7 years for men and 64 years for women. Men are expected to live to 83.1 years, compared with 85.8 years for women.
Gap between men and women at retirement
On average in the EU, women are expected to spend 3.4 years longer in retirement than men. This gap ranges from 1.6 years in Iceland to 7.2 years in Turkey.
The gap is also four years or more in Estonia, Lithuania, Latvia, Bulgaria, Romania and Poland. However, labour force participation rates in these countries are comparatively lower.
Another aspect is the gender pension gap. Across OECD countries, women receive 23% less in pensions than men on average, while the gap reaches 37% in the UK.
Labour exit age and Turkey
However, the average effective labour market exit age can differ from the retirement age. For example, in the EU, the retirement age for men is 64.7 years, while the average exit age is 63.8 years. For women, the exit age is 62.9 years, compared with a retirement age of 64.
The most striking difference between the retirement age and labour market exit age is in Turkey. While men can retire at 52, their average exit age is 60.8. For women, the figures are 49 and 60.5 years.
Expected years after the labour market exit would be 18.2 for men and 22.6 for women in Turkey. This suggests that although expected years in retirement are the highest in Turkey, the figure would be significantly lower when the labour market exit age is considered.
Pensions are the main source of income for older Europeans and pension levels vary widely across Europe, both in nominal terms and in purchasing power.