Currently, the retirement age is 64 years and nine months. In 2027, it will be 65 years and one month. Starting from 2027, a new rule will apply where the retirement age is determined at the end of each year. This means that the age of retirement depends on the specific year, not the year of birth.
The retirement age is calculated based on the average life expectancy over five years. For example, when calculating the retirement age for 2028, data from 2020 to 2024 will be used. The new calculation method was introduced in 2018.
The new retirement age of 65 years and three months affects people born in 1963. Those born at the end of the year will reach retirement age in 2029. Their exact retirement date will be determined by the regulations of the following year.
The Ministry of Social Affairs states that in European countries, attention is paid to the employment of older workers. For example, in Belgium, Germany, Italy, and the Netherlands, the retirement age is 67 years or will rise to that. In Denmark, the retirement age is 67 years but will increase to 70 by 2040. 11 EU countries have decided to link the increase in retirement age to the extension of life expectancy.
The retirement age has been raised four times since 1994. Starting from 2027, the retirement age will change along with life expectancy. This means that the change in retirement age depends on statistical life expectancy.
At the beginning of 2025, there were 327,000 pensioners in Estonia, of whom 312,000 were old-age pensioners. The Ministry of Finance estimates that by 2060, there will be approximately 340,000 pensioners.