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Effective retirement age: recent developments

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  • María Moraga
  • Roberto Ramos

Abstract

This article analyses recent developments in the average effective retirement age in light of the 2011 reform and the different forms of retirement. The analysis shows, first, that the effective retirement age has tended to increase in recent years as a result of the net increase in the retirement age within all forms of retirement, which has more than offset the opposite effect prompted by the growing share of the various forms of early retirement. Second, the impact of the 2011 reform, from the standpoint of retirement age, seemingly remains limited, as the percentage of new retirees who take retirement on the basis of legislation prior to the reform is still significant, and the statutory retirement age for workers with sufficiently lengthy contribution histories is still 65. Third, on average, workers who take some form of early or partial retirement have the lowest retirement age, although they generally have longer contribution periods and higher regulatory bases.

Suggested Citation

  • María Moraga & Roberto Ramos, 2020. "Effective retirement age: recent developments," Economic Bulletin, Banco de España, issue 4/2020.
    • Handle: RePEc:bde:journl:y:2020:i:12:d:aa:n:30
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    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/InformesBoletinesRevistas/ArticulosAnaliticos/20/T4/descargar/Files/be2004-art30e.pdf
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    1. María Moraga & Roberto Ramos, 2020. "An estimate of Pension System financial returns," Economic Bulletin, Banco de España, issue 3/2020.
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      More about this item

      Keywords

      retirement age; pension reform;

      JEL classification:

      • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
      • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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