As reported by the BBC, Denmark is set to have the highest retirement age in Europe after its parliament adopted a law raising it to 70 by 2040.
Since 2006, Denmark has tied the official retirement age to life expectancy and has revised it every five years. It is currently 67 but will rise to 68 in 2030 and to 69 in 2035.
The retirement age at 70 will apply to all people born after 31 December 1970. The new law passed on Thursday with 81 votes for and 21 votes against.
It’s not just the Danish, retirement ages are on the rise across Europe in response to increasing life expectancy and length of time spent in retirement. In fact, The Organisation for Economic Co-operation and Development (OCED) predicts that by 2060, retirement ages will be approaching 67 and several countries passing the 70 mark.
It is an area we feel strongly about, as we believe everyone deserves a fair and healthy retirement. While we as a nation are living longer, it is about healthy life expectency and not just life expectency.
The State Pension Age is currently 66, with plans are already in place to increase this to 67 between 2026-2028, and to 68 between 2044-2046. However, recent reports suggest that the government is looking to bring in the rise to 68 much sooner. We, along with other likeminded organisations such as the NPC are fundamentally opposed to further rises in the State Pension Age.
