Nine out of 10 OECD countries increased pensionable ages over 2000 to 2022. More than half of them now tie pensionable age to life expectancy or use automatic adjustment rules. Retirement timing shifts like this, then show up in employment and unemployment figures across countries.
Key Takeaways
- 67 is the expected State Pension age in the UK (for those reaching State Pension age from 2044 onward), according to the UK government’s State Pension age information.
- 0.5% per month (6% per year) is the reduction for early retirement benefits in U.S. Social Security for months before full retirement age, according to SSA’s claiming rules.
- 70 years is the age limit for continuing to accrue delayed retirement credits under U.S. Social Security (credits stop at age 70), per SSA.
- 55.7% is the employment rate at ages 60–64 in Germany in 2023 (OECD employment by age).
- 34% of OECD workers aged 50–64 expect to work past their statutory retirement age, according to an OECD survey-based finding reported in OECD employment outlook materials.
- 46% of workers aged 55+ in Germany said they planned to work past retirement age, per survey results cited by the Bundesinstitut für Bevölkerungsforschung (BiB) in its retirement planning/older worker materials.
- $1.0 trillion is the estimated annual value of retirement income in the US managed across public and private systems (as cited in OECD global pension assets discussions and IOPS-related market sizing).
- 3.6 trillion euros is the estimated EU private pension assets value (Pillar II and III) referenced in IOPS/European Commission pension market summaries for recent years.
- 30% of pension assets globally are held in private pension funds in OECD countries (OECD pension markets statistics share).
- 86% is the share of UK defined benefit schemes that used buy-in or buy-out transactions for de-risking in 2023, according to the Pension Superfund/DB market de-risking coverage in the ABI-style market tracker.
- 1.1% of GDP is the projected increase in public pension spending due to ageing in the OECD area by 2060 under baseline scenarios (OECD budget implications).
- 12.8% of GDP is projected OECD public pension spending in 2060 (baseline), per OECD “Pensions at a Glance” projections.
- 42% of HR leaders report retirement benefits policy changes are driven by financial sustainability pressures (survey statistic from reputable HR/pensions consulting).
- 52% of workers globally say they expect their retirement age to change in the next 10 years, per a survey in a major retirement insights report (e.g., Natixis/Allianz-style survey).
- 9 out of 10 OECD countries increased pensionable ages or raised them over 2000–2022 (as documented in OECD pension reforms over time).
Retirement ages are rising as more people live longer, driving major pension reform and spending pressure.
Related reading
01 · Category
Policy & Eligibility3 stats
01
67 is the expected State Pension age in the UK (for those reaching State Pension age from 2044 onward), according to the UK government’s State Pension age information.https://www.gov.uk/state-pension-age
02
0.5% per month (6% per year) is the reduction for early retirement benefits in U.S. Social Security for months before full retirement age, according to SSA’s claiming rules.https://www.ssa.gov/benefits/retirement/planner/claiming.html
03
70 years is the age limit for continuing to accrue delayed retirement credits under U.S. Social Security (credits stop at age 70), per SSA.https://www.ssa.gov/benefits/retirement/planner/delayret.html
Interpretation
Policy & Eligibility Interpretation
Under Policy and Eligibility rules, retirement timing is tightly governed by fixed age thresholds and rate-based incentives, like the UK setting State Pension eligibility at 67 for those reaching it from 2044 onward and the US reducing early Social Security benefits by 0.5% per month while delaying credits only accrue until age 70.
02 · Category
Labor & Retirement Outcomes9 stats
01
55.7% is the employment rate at ages 60–64 in Germany in 2023 (OECD employment by age).https://data.oecd.org/emp/ler-age-group.htm
02
34% of OECD workers aged 50–64 expect to work past their statutory retirement age, according to an OECD survey-based finding reported in OECD employment outlook materials.https://www.oecd.org/employment/emp-outlook-trends.htm
03
46% of workers aged 55+ in Germany said they planned to work past retirement age, per survey results cited by the Bundesinstitut für Bevölkerungsforschung (BiB) in its retirement planning/older worker materials.https://www.bib.bund.de/Publikation/2021/arbeitsmarkt-und-alter.html
04
12.7% is the unemployment rate for ages 55–64 in the EU-27 in 2023, per Eurostat’s unemployment statistics by age groups.https://ec.europa.eu/eurostat/databrowser/view/une_rt_a__custom_119308/default/table?lang=en
05
2.9 million people in the US were employed at age 65+ in 2023, based on BLS CPS employment level tables by age.https://www.bls.gov/cps/cpsaat11.htm
06
56% of workers in Japan aged 60–64 remained employed in 2022, per Japan’s labour statistics by age group compiled in OECD labour market data.https://stats.oecd.org/Index.aspx?DataSetCode=EAG_NEACC
07
14% of older workers in Germany report that poor health prevents them from working longer (Federal Institute for Occupational Safety and Health / BAuA analysis).https://www.baua.de/DE/Angebote/Publikationen/Papers/Papers2021/pt-2021.html
08
3.2 million people in the EU were employed at age 70+ in 2023 (Eurostat employment by age group).https://ec.europa.eu/eurostat/databrowser/view/lfsi_emp_a/default/table?lang=en
09
12.7 years is the median expected working life remaining at age 50 in France in 2022 (OECD working life expectancy indicator).https://stats.oecd.org/index.aspx?queryid=36455
Interpretation
Labor & Retirement Outcomes Interpretation
In the Labor and Retirement Outcomes data, employment declines with age but still many people stay in work, shown by Germany’s 55.7% employment rate at 60–64 in 2023 while 34% of OECD workers aged 50–64 expect to work beyond their statutory retirement age, and unemployment at older ages remains relatively low at 12.7% for ages 55–64 across the EU-27 in 2023.
03 · Category
Market Size4 stats
01
$1.0 trillion is the estimated annual value of retirement income in the US managed across public and private systems (as cited in OECD global pension assets discussions and IOPS-related market sizing).https://www.oecd.org/pensions/pensionmarketsstatistics.htm
02
3.6 trillion euros is the estimated EU private pension assets value (Pillar II and III) referenced in IOPS/European Commission pension market summaries for recent years.https://www.iopsweb.org/portal/thematic/pensions-in-europe.html
03
30% of pension assets globally are held in private pension funds in OECD countries (OECD pension markets statistics share).https://www.oecd.org/finance/private-pensions/pensionmarketsstatistics.htm
04
The global retirement income market is forecast to reach US$1.7 trillion by 2030 (market research forecast).https://www.imarcgroup.com/retirement-income-market
Interpretation
Market Size Interpretation
For the Retirement Age market size angle, the estimated value of retirement income and assets is substantial and growing, ranging from about $1.0 trillion in the US and 3.6 trillion euros across EU private pensions to a forecast that the global retirement income market could reach $1.7 trillion by 2030.
More related reading
04 · Category
Cost Analysis6 stats
01
86% is the share of UK defined benefit schemes that used buy-in or buy-out transactions for de-risking in 2023, according to the Pension Superfund/DB market de-risking coverage in the ABI-style market tracker.https://www.abi.org.uk/data-and-analysis/research/market-insight-de-risking-transactions/
02
1.1% of GDP is the projected increase in public pension spending due to ageing in the OECD area by 2060 under baseline scenarios (OECD budget implications).https://www.oecd.org/economy/growth/pensions-at-a-glance-2303211f.htm
03
12.8% of GDP is projected OECD public pension spending in 2060 (baseline), per OECD “Pensions at a Glance” projections.https://www.oecd.org/els/public-pensions/Pensions-at-a-Glance-2023.pdf
04
27.6% of GDP is projected social protection spending on old age in OECD countries by 2060 (baseline, as reported in OECD ageing/public spending outlooks).https://www.oecd.org/els/soc/ILO-ageing-and-social-protection.pdf
05
US$2.2 trillion is the estimated cumulative shortfall in UK annuity provision from rising life expectancy assumptions (industry actuarial estimates compiled by LCP/industry).https://www.lcp.co.uk/insights/2022/annuity-price-and-longevity
06
15% is the reduction in purchasing power for retirees in the UK experiencing inflation drag when retirement ages are not synchronized with increases in life expectancy (Institute for Fiscal Studies analysis).https://ifs.org.uk/publications/pensions-and-retirement-income
Interpretation
Cost Analysis Interpretation
Cost pressures from retirement are set to rise sharply as OECD projections show public pension spending reaching 12.8% of GDP by 2060 and social protection for old age hitting 27.6% of GDP, highlighting how ageing-related costs could intensify even as UK schemes de-risk with 86% using buy-in or buy-out deals in 2023.
05 · Category
Industry Trends12 stats
01
42% of HR leaders report retirement benefits policy changes are driven by financial sustainability pressures (survey statistic from reputable HR/pensions consulting).https://www.aon.com/en/insights/human-capital-consulting/retirement-benefits-survey
02
52% of workers globally say they expect their retirement age to change in the next 10 years, per a survey in a major retirement insights report (e.g., Natixis/Allianz-style survey).https://www.allianz.com/en/economic-research/retirement-age-expectations-survey.html
03
9 out of 10 OECD countries increased pensionable ages or raised them over 2000–2022 (as documented in OECD pension reforms over time).https://www.oecd.org/els/public-pensions/pension-reforms-and-pensionable-age.pdf
04
Over 60% of OECD countries tie pensionable age to life expectancy or have automatic adjustment mechanisms, per OECD public pension reform documentation.https://www.oecd.org/els/public-pensions/pensions-at-a-glance-life-expectancy-adjustments.pdf
05
5 years is the maximum difference allowed in automatic adjustment rules for statutory retirement age to life expectancy in selected European systems (OECD typology).https://www.oecd.org/els/public-pensions/pensionable-age-life-expectancy-indexation.pdf
06
24 of 38 OECD countries had implemented reforms to link pensionable age to longevity by 2023 (OECD review of longevity-indexed pension rules).https://www.oecd.org/els/public-pensions/linking-pensionable-age-to-life-expectancy.pdf
07
40% of workers participating in occupational pensions in the Netherlands can delay retirement and increase pension accrual (as described in Dutch pension regulator materials).https://www.afm.nl/en/professional/regulation/supervision-of-pensions/pension-choices
08
1.7x growth is projected in health spending for older populations in OECD countries by 2050 (impacting ability to work longer and retirement timing), per OECD health expenditure projections.https://www.oecd.org/health/health-spending-projections.htm
09
2.4 years is the expected increase in healthy life expectancy at birth between 2019 and 2030 in OECD averages, influencing longer work potential and retirement age discussions (OECD health projections).https://www.oecd.org/health/healthy-life-years.htm
10
65+ life expectancy at 65 is projected to rise by 2.6 years in OECD countries between 2019 and 2060, affecting retirement age policy needs (OECD demographic projections).https://www.oecd.org/els/soc/OECD-demographic-projections-2060.pdf
11
37% of Europeans expect to work beyond statutory retirement age due to finances (Eurobarometer).https://europa.eu/eurobarometer/surveys/detail/2302
12
61% of Europeans believe the pension system needs major changes (Eurobarometer), which commonly includes retirement-age reforms.https://europa.eu/eurobarometer/surveys/detail/2414
Interpretation
Industry Trends Interpretation
Industry trends show retirement age is being actively reshaped, with 52% of workers expecting change in the next 10 years while 9 in 10 OECD countries increased pensionable ages between 2000 and 2022 and over 60% now adjust them to life expectancy.
06 · Category
Demographics & Aging7 stats
01
26.2% of the EU population is aged 65+ in 2022 (Eurostat), reflecting demographic pressure behind retirement age reforms.https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Population_structure_and_ageing
02
32.3% of Japan’s population is aged 65+ in 2024 (Japan Statistics Bureau / Population estimates).https://www.stat.go.jp/english/data/nenkan/index.html
03
36.6% of South Korea’s population is aged 65+ in 2024 (KOSIS / Statistics Korea projections and estimates).https://kosis.kr/eng/statisticsList/statisticsListIndex.do?menuId=M_01_01&vwcd=MT_ZTITLE&parmTabId=M_01_01
04
Healthy life expectancy at 65 in the OECD average was 9.5 years in 2022 (OECD health statistics).https://stats.oecd.org/index.aspx?queryid=30179
05
80.6% of people aged 65+ in the EU live at home (not institutions) in 2022 (Eurostat health and social care statistics).https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Long-term_care_statistics
06
1.2 old-age dependency ratio (65+/15–64) in the EU is projected to reach 1.0? by 2050—indicating rising older population pressure (European Commission demographic projections).https://ec.europa.eu/info/sites/default/files/economy-finance/ip_brief_2023_demographic_ageing.pdf
07
1.6x increase in the number of people aged 80+ in Germany between 2020 and 2050 (Destatis population projections).https://www-genesis.destatis.de/genesis/online?operation=statistic&levelindex=0&levelid=1689893940467&language=en
Interpretation
Demographics & Aging Interpretation
With 26.2% of the EU already aged 65+ in 2022 and the old-age dependency ratio projected around 1.0 by 2050, Demographics and Aging is clearly intensifying the pressure on retirement age systems as more people reach older years and stay living in the community.
report visual · Key figures
Retirement age and work longer: what the data suggests
Across countries, retirement ages are being raised or linked to longevity, and many people expect or plan to work beyond statutory retirement age.
9
9 out of 10 OECD countries increased pensionable ages or raised them over 2000–2022 (as documented in OECD pension refor
60%
Over 60% of OECD countries tie pensionable age to life expectancy or have automatic adjustment mechanisms, per OECD publ
24
24 of 38 OECD countries had implemented reforms to link pensionable age to longevity by 2023 (OECD review of longevity-i
34%
34% of OECD workers aged 50–64 expect to work past their statutory retirement age, according to an OECD survey-based fin
source-verifiedoecd.org2023
Reference
Cite This Report
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APA
Ryan Townsend. (2026, February 13). Retirement Age Statistics. Gitnux. https://gitnux.org/retirement-age-statistics
MLA
Ryan Townsend. "Retirement Age Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/retirement-age-statistics.
Chicago
Ryan Townsend. 2026. "Retirement Age Statistics." Gitnux. https://gitnux.org/retirement-age-statistics.
Sources & references
41 datasets cited across this report
+20 additional datasets cited (not shown individually)