Retirement in Romania. Life expectancy is increasing, according to Eurostat

The latest Eurostat data shows that life expectancy has started to rise again in the European Union, which could also mean an increase in the retirement age.

Romania could decide to raise the retirement age

The average age is 80 years old at EU level, according to the latest Eurostat data. Women in the European Union live almost 5.5 years longer than men, 83.3 years compared to 77.9 years.

The record year in this chapter was 2019. At that time, life expectancy in the European Union was 81.3 years, after which the numbers decreased due to the pandemic and returned after this period.

Thus, in 2022, the life expectancy of the community population was 80.6 years.

The highest rates are recorded in the Madrid region of Spain

In Madrid, the average age is 85.2 years, followed by Italy’s Trento region, France’s Paris region, and Sweden’s Stockholm region – all over 84.

The lowest life expectancy is recorded in four regions in Bulgaria and one in Hungary. The figures range from 72.3 to 74 years. Romania has an average of approximately 75 years, an average to low score. In Romania, the age is approaching 75 years.

The western half of the country has a one year higher life expectancy than the eastern half.

A Romanian contributes to the public pension system about 652,000 lei in 35 years of work

A Romanian employee contributes to the pension system about 652,000 lei in the 35 years of activity. When he retires, the money received monthly represents 40% – 50% of the salary he earned in the past.

The average lifespan of a Romanian is about 75 years, that is, ten years above the official retirement age.

Every Romanian contributes 25% of his salary to the pension. Of this amount, 3.75% is distributed to the private pension fund. Thus, 21.25% of the salary goes to the public pension system. Considering an average gross salary of 7,300 lei, approximately 1,550 lei are transferred to the public pension system per month.

For a Romanian who retires at the age limit of 65, after 35 years of work, and with an average salary in today’s economy, he will contribute a total of 652,000 lei to the state.