The OECD has just published the report, “Pensions at a Glance 2011”. The study forecasts that by 2050 the average pensionable age in OECD countries will reach 65 for both sexes. This represents an increase of about 1.5 years for men and 2.5 years for women. But life expectancy is rising even faster, outstripping the increase in pension ages by about 2 years for men and 1.5 years for women. This means that in all but five OECD countries the time spent in retirement will continue to grow.
Public pensions are the cornerstone of old age incomes today, accounting for 60 percent on average. The other 40 percent is made up almost equally of income from work and from private pensions and other savings. As public benefits are reduced through reforms, these other two sources will need to fill the gap.
Country-specific highlights on selected OECD countries and other highlights of the report are available at www.oecd.org/els/social/pensions/pag