The issue isn’t the retirement age, but whether we have the strength to get there
The idea of raising the retirement age to 70, which has been discussed in public, has sparked mixed opinions. At the same time, statistics show that Finns are already working longer. Before talking about further increases, we should make sure that today’s working life supports people’s ability to work and enables them to continue working longer.
The discussion about Finns’ retirement age has resurfaced. Heikki Bergholm suggested in Helsingin Sanomat (HS.fi) that the minimum retirement age should be raised to 70. According to him, the change would strengthen public finances and reflect the increase in life expectancy.
The idea quickly got people talking. However, it’s worth asking whether Finland still needs separate decisions to raise the retirement age – or whether things are already moving in the right direction on their own.
Working careers are already getting longer
Statistics show that working careers are already getting longer. According to the latest figures from the Finnish Centre for Pensions (ETK.fi), Finns retired at an average age of 63.1 in 2024. The expected retirement age increased by 0.3 years in just one year, exceeding the target set for 2025 by 0.7 years.
In other words, Finns are staying in working life longer than ever before and the change is happening even faster than forecasts have predicted. This positive trend shows that society, working life and individuals are already moving in a more sustainable direction.
But is this pace enough, given that public finances are in deficit and government debt is growing? Denmark, with a population structure similar to Finland’s, has already raised its retirement age to 70.
Life expectancy is rising, but work ability is what really matters
As life expectancy rises, people are spending longer in retirement than previous generations. Meanwhile, the population is ageing, and birth rates are falling, putting pressure on the labour supply and public finances.
That’s why the discussion about the retirement age is understandable. But I believe we should also ask: how can we make sure people have the strength and ability to keep working longer? At Ilmarinen, we see supporting work ability and promoting proactive work ability management as key factors for the sustainability of our system.
Raising the retirement age alone won’t solve the problem if people’s work ability weakens before they reach it. Investments in work ability management, preventive healthcare and adjusting work tasks are essential.
Attitudes need to change
Another key question is how the labour market treats older workers. In Finland, employees can retire between the ages of 63 and 68 and continuing to work is rewarded with a pension increase. Yet finding work over the age of 55–60 is often difficult, even when people are willing and able to contribute.
If we want working careers to last longer, employers’ attitudes need to change. Job seekers over 60 shouldn’t be seen as a risk, but as an opportunity - skilled professionals with experience, networks, and problem-solving abilities. Offering flexibility, part-time options, and shaping work around people’s skills are all ways to support continued employment.
It’s also worth noting that when an employer hires someone over 55 into a new position, there are no effects on contribution category even if this employee later becomes unable to work. We can also tackle obstacles to employment through structural changes.
In the current system, the retirement age automatically follows life expectancy. This means that for younger generations, the target retirement age is already approaching 70. For them, changes happen without separate political decisions. A sudden increase could easily disrupt the plans of those nearing the end of their careers.
Addressing an ageing population also requires support from labour immigration. Without foreign workers, we won’t have enough hands to keep the economy running.
Persistance matters more than rushing change
Raising the retirement age is a major societal change that can not be implemented quickly. Any potential changes would require a long transition period and careful preparation.
In the last ten years, the increase in retirement age has been rapid compared to historical trends and targets. The expected retirement age for Finns has already risen beyond expectations. That’s why the discussion should shift from simply raising age limits to focusing on supporting work ability, making working life more flexible, and fostering age-friendly attitudes.
Mikko Mursula
CEO, Ilmarinen
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The issue isn’t the retirement age, but whether we have the strength to get there
The idea of raising the retirement age to 70, which has been discussed in public, has sparked mixed opinions. At the same time, statistics show that Finns are already working longer. Before talking about further increases, we should make sure that today’s working life supports people’s ability to work and enables them to continue working longer.