Few Danes Work Until Official Retirement Age as Government Pushes It to 70

Denmark's Parliament adopted a law in May raising the retirement age to 70 by 2040, up from the current 67, affecting anyone born after December 31, 1970. The country indexed its official retirement age to life expectancy in 2006 and revises it every five years, with the age set to increase to 68 in 2030 and 69 in 2035. Few Danes actually work until the legal retirement age -- in 2022, when the official age was 67, the actual average retirement age was around 64, according to the Organization for Economic Cooperation and Development. About 20% of Danish retirees leave work because they cannot find employment or are too sick to continue. The universal public pension currently provides 7,198 kroner ($1,130) per month, supplemented by mandatory and optional employer-funded pensions.

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