Portugal one of the countries with highest retirement age

The retirement age in Portugal will be 68, making it the eighth highest among the 38 member countries of the Organisation for Economic Co-operation and Development (OECD), according to a report released.

By TPN/Lusa, in News · 27 Nov 2025, 20:03 · 0 Comments

These eight countries with the highest future normal retirement age - Denmark, Estonia, the Netherlands, Sweden, Italy, Slovakia, the United Kingdom and Portugal - are the ones that make retirement age dependent on life expectancy, according to the OECD's ‘Pensions at a glance 2025’ study.

In the previous edition of this study, published in 2023, the normal average future retirement age in Portugal was already rising from the current 65.6 years to 68 years, registering one of the biggest increases among the various OECD countries.

Average retirement age

The report reveals that the average normal retirement age in 2024 in all OECD countries was 64.7 years for men and 63.9 years for women, and is expected to increase by almost two years, to 66.4 years for men and 65.9 years for women entering the labour market in 2024, in at least half of the OECD countries.

Currently, the normal average age varies between 62 in Colombia, Greece, Luxembourg and Slovenia - Turkey is an atypical case, with a normal retirement age of 52 - and 67 in Australia, Denmark, Iceland, Israel, the Netherlands and Norway.

In the future

In the future, the differences between countries should become more pronounced, with the normal retirement age remaining at 62 in Colombia, Luxembourg and Slovenia, reaching 70 in Italy, the Netherlands and Sweden, 71 in Estonia and up to 74 in Denmark, based on the relationship between retirement age and life expectancy.

The retirement age is expected to rise further, albeit at a slower pace after 2030, when it is expected to rise by one month a year until it reaches 67 in 2056. These estimates consider the various schemes for individuals with a full contributory career since the age of 22 to access a pension without penalisation.

Retirement amount

The same study also indicates that, on average, a worker with an average salary will receive a net pension corresponding to 63% of their net salary after a full career.

In Austria, Greece, Luxembourg, Portugal and Spain, this figure is over 85%, and in the Netherlands and Turkey it is over 95%. At the other extreme are Estonia, Ireland, Korea and Lithuania, with future net replacement rates of less than 40% of net salary.

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