The Unretireables: The Countries Where Workers Are Still On The Clock Aged 65+
As over 1 million Brits stay in in the workforce past 65, Click Offices have compared this to the rest of Europe.
Image Photo by James Hose Jr on Unsplash
A new analysis by Click Offices has revealed a significant and growing trend across UK labour markets as over one million Britons are remaining in employment beyond the traditional retirement age of 65. This trend highlights a generation of ‘unretirables’, showing a fundamental shift in attitudes towards later life.
According to data from the Office for National Statistics (ONS), from April to June 2022, the number of people aged 65 and over in employment reached a record level of 1.468 million. These individuals are contributing an average of 22 hours per week of work to the economy. Historically, early retirement was a widely sought-after goal. However, various factors, including evolving economic landscapes and personal preferences, are keeping a substantial portion of the older population actively engaged in work.
Click Offices' research also compared the UK's working-later trend data with statistics across Europe, revealing notable differences in retirement ages for different countries:
-
Survey data showed UK workers ideally want to retire at 60, but believe they can physically work until 64
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In contrast, workers in Malta seek the youngest retirement age of 56
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Norway is home to the workers who want to retire the oldest, at age 64
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Workers in Sweden believe they can physically work the longest, until 67
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Greece has a perceived working age limit of 61
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Poland and Austria have the youngest possible state pension age at 60
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Slovenia and Poland have the youngest actually average retired age at age 60 for female workers
This study has identified the best countries for early retirement based on factors like retirement age and state pension age. Click Offices took data on the age workers wanted to retire, the age they were able to work until, state pension age and average retirement age to create an index, ranking each country out of 100 maximum points.
Best countries for early retirement
For men and women combined, Malta was the best country for early retirement, scoring 81 out of 100. Malta scored highly because of its average retirement age of 61. Workers from Malta can access state pension from 64 and believe they are able to work until they are 62 on average.
|
# |
COUNTRY |
WOMEN SCORE (/100) |
MEN SCORE (/100) |
OVERALL RETIREMENT SCORE (/100) |
|
1 |
Malta |
80 |
82 |
81 |
|
2 |
Poland |
91 |
62 |
76.5 |
|
3 |
Slovenia |
74 |
76 |
75 |
|
4 |
Austria |
92 |
55 |
73.5 |
|
5 |
Bulgaria |
76 |
70 |
73 |
|
6 |
Slovakia |
70 |
76 |
73 |
|
7 |
France |
66 |
77 |
71.5 |
|
8 |
Croatia |
71 |
63 |
67 |
|
9 |
Romania |
71 |
60 |
65.5 |
|
10 |
Cyprus |
61 |
64 |
62.5 |
Worst countries for early retirement
|
# |
COUNTRY |
WOMEN SCORE (/100) |
MEN SCORE (/100) |
OVERALL RETIREMENT SCORE (/100) |
|
1 |
Denmark |
6 |
8 |
7 |
|
2 |
Netherlands |
9 |
17 |
13 |
|
3 |
Portugal |
23 |
26 |
24.5 |
|
4 |
Norway |
25 |
24 |
24.5 |
|
5 |
Italy |
30 |
31 |
30.5 |
|
6 |
United Kingdom |
29 |
35 |
32 |
|
7 |
Ireland |
32 |
32 |
32 |
|
8 |
Sweden |
25 |
41 |
33 |
|
9 |
Germany |
31 |
35 |
33 |
|
10 |
Spain |
38 |
45 |
41.5 |
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Denmark was the lowest scoring country, featuring the most ‘unretirables’. Danish workers receive state pension at 67, usually retiring at the same age. Danish workers also plan to work until they’re at least 64 and believe they can work until they’re 66.
Similarly, the UK appears to have a high ‘unretirable’ population. Whilst the survey showed UK workers typically want to retire at 61, most work until 66 and receive state pension at the same age. UK workers, on average, believe they can physically work until they are 65.
According 2022 data, the industries that those aged 65 years and over were most likely to be employed in were health and social work (12.7%), wholesale, retail and repair of motor vehicles (11.0%), education (10.6%) and professional, scientific and technical activities (9.6%).
"The idea of a fixed retirement age is seemingly becoming a relic of the past," says Shane Duffy, MD at Click Offices. "Our analysis shows that not only are more older people working, but they are doing so across a diverse range of industries, bringing invaluable experience and stability to the workforce. These workers may not be staying in employment by choice, however, and may feel economic pressures to keep working. The growing cohort of 'Unretireables' in the UK underscores the evolving nature of work and retirement. As businesses, we may have to adapt our workplaces to embrace this experienced demographic, offering the flexibility and support for these workers."
• This analysis was carried out by Click Offices
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