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Trends in Pension Eligibility Ages and Life Expectancy, 1950-2050
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- Rafal Chomik1, Edward R. Whitehouse
- Author Affiliations
- 1: Department of Work and Pensions, United Kingdom
- 04 Oct 2010
- Bibliographic information
The pensionable age is the most visible parameter of retirement-income systems. This paper surveys pensionable ages in the OECD for a period of a century: back to 1950 and forward to 2050. Average pensionable age in OECD countries dropped by nearly two years during the second half of the 20th century to 62.5 for men and 61.1 for women. Legislation already in place will increase it almost to 65 for both sexes by 2050. At the same time, life expectancy has increased in most countries at most times. Between 1960 and the turn of the century, life expectancy after pensionable age is grew from 13.4 to 17.3 years for men and 16.8 to 22.1 years for women on average in OECD countries. However, life expectancy after normal pension age is projected to reach 20.3 and 24.6 years (for men and women respectively) in 2050. This continued increase is projected despite many OECD countries having already legislated for phased increases in the pension age in the future.
- JEL Classification:
- H55: Public Economics / National Government Expenditures and Related Policies / Social Security and Public Pensions
- J11: Labor and Demographic Economics / Demographic Economics / Demographic Trends, Macroeconomic Effects, and Forecasts
- J14: Labor and Demographic Economics / Demographic Economics / Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
- J26: Labor and Demographic Economics / Demand and Supply of Labor / Retirement; Retirement Policies