We must resign ourselves to the idea that in the future, and not too distant, We will retire much later. Compared to today. In fact, everything is ready for the next step. Increase in retirement age Which will not happen in 2025, as scheduled, but in 2025. 2027.
It is the law that determines the rules of retirement.Which you can learn more about in our dedicated course.), both age and contributions must match (but only for some options). Life ExpectancyFor pensions, the principle applies that if you live longer,Age at which he can workThus delaying the pension.
A principle reinforced by the Fornero reform of 2011, which stipulates that, starting from 2019, the adjustment between pension requirements and life expectancy must be made. Every two years. The rule that in 2019 led to a 5-month increase in the retirement age – for example we went from 66 years and 7 months to 67 years for the old-age pension – which Covid has only put on hold for a few years since the pandemic has reduced life expectancy.
It is a mechanism that is often criticized precisely because it delays access to pensions: however, it is important to know that, despite its unpopularity, it is a mechanism The inevitable solution Because it works to ensure the stability of the retirement system.
In fact, not only Italy, but also other countries are planning similar systems, and are moving in one direction. Increase in retirement ageThe reason lies in the change in some demographic elements, in particular: Decrease in births Which will lead in the not-too-distant future to a narrowing of the gap between workers and pensioners, with the ratio heading towards 1 to 1.
In light of these considerations, we must then Preparing for an increase in retirement ageand accepting the idea that retirement cannot be reached before that. 70 years. Unless you have managed to save so much in the meantime that you can stop working earlier than the retirement rules require.
Why should the retirement age increase again?
The Fornero Law of 2011 stipulates this starting in 2019. Every two years (Previously the time frame was wider) requirements As for the pension, it is reviewed based on the trend in life expectancy after the age of 65.
If you live longer, it means that the pension is received for more years, thus increasing the cost to the state. In this regard, and in order not to put public finances at risk, it is established that the best life expectancy should be determined at the same time Extend your career.
Therefore, if life expectancy increases in the future, as can be envisaged, there will be an increase of a few months in the retirement age every two years. Which means that in the not-too-distant future (Between 2055 and 2060) you can touch them 70 years old To get an old age pension (today 67 years is enough).
The good news is that in 2025 the retirement age will not change because the recent pandemic has hampered growth in life expectancy. But in 2027, when the impact of Covid will not be taken into account, there may be a new increase.
It seems that hoping for government intervention to freeze this mechanism is futile. Why? We need it economically.as shown by the estimates made by the State Audit Bureau.
After the impactFornero repair“Which we remember has increased the retirement age, allowing the state to do so. Saving more than 30 billion eurosSince 2019, the ratio of pension spending to GDP has started to rise again, reaching 15.1% in 2022. The next leap forward should be in 2030, so that 17% in 2040.
Good news in 2044, when the ratio of pension spending to GDP will fall again, thanks to the now full transition to a contributory pension accounting system, to 16% in 2050 and 13.9% in 2070.
It’s a number that gives us hope, but it’s also conditional on the automatic adjustment of the minimum retirement requirement based on life expectancy, and it makes us understand why. It will not be possible to surrender For such an instrument.
How much will the retirement age increase?
First, it is good to clarify that the increase in the retirement age applies to the age condition for:
Furthermore, it also applies to early retirement, but in this case – with no age requirement – the amendment applies to the years of contributions:
- Early retirement for menand today is equal to 42 years and 10 months;
- Early retirement for womenand today is equal to 41 years and 10 months;
- early retirement earlytoday is equal to 41 years.
It is also important to remember that with the next amendment, the early contributory pension will be subject to an increase in both the chronological age and the contribution requirements, as set by the Meloni government in the latest budget law.
The next amendment is due in 2027, an estimated date. Growth of about two monthsAfter that, your retirement requirements should start growing at the same rate every two years: just do some quick math to figure that out. Every 12 years There may be 1 year increase From retirement age.
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