Target age for retirement in Sweden in 2029 will be 67 years old

The retirement age in Sweden will increase by one year in 2023. The government has also decided to set the target retirement age in 2029 at 67 years.

The Swedish government’s decision on the retirement age is based on an agreement reached in the pension group in December 2017. The agreement, made by representatives of the Social Democrats, the Centre Party, the Liberals, the Christian Democrats and the Moderates, started adjusting the retirement age already in 2020 by raising the minimum age for drawing a national pension from 61 to 62. At the same time, the age for the right to remain in employment was raised from 67 to 68 years.

The age has now been raised further, and from 2023 the age for drawing a national pension will be raised to 63. The age at which the guarantee pension, income pension supplement and housing supplement can begin to be paid will also be changed from 65 to 66, according to the Swedish Pensions Agency. The right to remain at work will be raised to 69 years. The changes are proposed to enter into force in July this year.

The government has also decided on the so-called target pension age. This is to be introduced from 2026 and involves an age that will be calculated each year and then applied six years later. It has now been decided that the target age for retirement in 2029 will be 67 years. The decision is motivated by the fact that Swedes are increasingly healthy and that working longer is also necessary to ensure a sufficient pension.

– The fact that we live longer, stay healthy and active is of course very positive. However, more years as a pensioner means that the pension earned must last for a longer period of time and it is therefore crucial that working life is extended in order to have a sound financial situation, says Anna Tenje, Minister for the Elderly and Social Security.

However, the introduction of the target age means that it will not be possible to predict exactly when people will be allowed to retire, as new decisions on the retirement age are taken every year and applied six years later.