Norway Raises Retirement Age: When Will You Be Able to Retire?
Norway is preparing for one of the biggest changes in its pension system in decades. The reform, passed by the Storting in March 2024, will gradually raise the retirement age. People born in 1964 and later will have to work longer to receive a full pension. The new rules are set to take effect no earlier than 2027 and will affect nearly all younger generations.
Who Will Be Most Affected by the Retirement Age Increase?
Currently, the retirement age in Norway is 67, but it will gradually rise in the coming years. According to projections:
- People born between 1963 and 1973 will retire around age 67.
- Those born between 1974 and 1982 will need to work until 68.
- People born between 1983 and 1993 will retire at 69.
- Individuals born between 1994 and 2004 will have to work until 70.
- The youngest generations, born after 2018, may only retire at 72.
This increase means many Norwegians will spend up to five more years working than their parents did.
Impact on Physically Demanding Jobs
The reform will be especially challenging for workers in physically demanding sectors such as construction, transportation, and industry. Working until the age of 70 may be practically impossible for many. The government plans to introduce a so-called “hardship allowance” for these professions, but unions and experts argue it may not be enough to compensate for the additional years of work.
Changes to AFP and Early Retirement
The reform also affects AFP (avtalefestet pensjon), Norway’s contractual early retirement scheme. Both the minimum age and required contribution period will be increased, making early retirement more difficult.
Why is Norway Raising the Retirement Age?
The government explains that the reform is necessary to adapt the system to demographic changes. Norwegians are living longer, which increases public spending. Without raising the retirement age, the system would struggle to provide stable benefits in the future.
However, the higher retirement age raises questions about social fairness. Should people who have worked physically demanding jobs follow the same rules as office workers? There is growing discussion about creating a more flexible pension system that accounts for job type and health.
What Should You Do Now?
- Check your birth year and projected retirement age.
- Plan your career long-term – if you work in a physically demanding role, consider changing professions or reducing your hours.
- Follow legal updates, as details will be clarified in laws and regulations.
- Use pension calculators, such as those available from Statens pensjonskasse, to understand your individual projections.
Conclusion
Raising the retirement age in Norway is a necessary response to an aging population, but it poses a significant challenge for workers. For many, the idea of working until 70 is difficult to accept. While the reform aims to ensure financial stability for the pension system, it also sparks a debate on how to balance longer life expectancy with quality of life in the final working years.
Source: Nettavisen – Så mange år må du jobbe før du kan gå av med pensjon
