elderly man
A think tank in UK has already suggested raising the age at which people can receive State pensions to 75...

Retirement age ‘to rise to 66 years, seven months in 2025’

So far, this is only a calculation

The retirement age is expected to rise to 66 years and seven months in 2025, an increase of three months on the figure that will apply in 2024, according to calculations based on still provisional data released by INE (Statistics Portugal) yesterday.

According to the provisional estimate of average life expectancy at 65 for the three-year period 2021-2023, people can still expect to live another 19.75 years, which corresponds to an increase of 0.14 years (1.68 months) compared to the previous three-year period (19.61 years in 2020-2022).

On this basis, “it can be calculated that in 2025 the retirement age will be 66 years and seven months”, says Lusa.

This figure is three months higher than currently. Retirement age as of this year, and into next, will be 66 years and four months.

In 2023, there was a three-month drop compared to the age set for 2022, something unheard of since retirement age was linked to average life expectancy, Lusa adds.

“Both the reduction in 2023 and the maintenance of the age for 2024 are associated with the drop in average life expectancy due to mortality associated with the Covid-19 pandemic, and its impact on the older population”.

The provisional figure for life expectancy at 65, calculated annually by INE, is released in November and serves as a reference for the purposes of determining the normal age of access to the old-age pension, and what has now been known does not yet incorporate the revised estimates of the resident population resulting from the definitive results of the 2021 Census, Lusa concludes.

One certainty is that this increase of retirement age will not lead to weeks of street protests, as changes in the pensionable age in France did recently. And in France, the thousands who took to the streets were protesting about a new law that raises the pension age from 62 to (just) 64… by 2030.

Source material: LUSA