OECD Social, Employment and Migration Working Papers

ISSN :
1815-199X (online)
DOI :
10.1787/1815199x
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This series is designed to make available to a wider readership selected labour market, social policy and migration studies prepared for use within the OECD. Authorship is usually collective, but principal writers are named. The papers are generally available only in their original language - English or French - with a summary in the other.
 

Trends in Pension Eligibility Ages and Life Expectancy, 1950-2050 You or your institution have access to this content

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Author(s):
Rafal Chomik1, Edward R. Whitehouse
Author Affiliations
  • 1: Department of Work and Pensions, United Kingdom

Publication Date
04 Oct 2010
Bibliographic information
No.:
105
Pages
28
DOI
10.1787/5km68fzhs2q4-en

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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