Italians aim to retire at 60, but end up doing so much later

Italian Retirement Trends: Insights from a Recent Survey

In the past few days, we conducted a survey asking our readers a simple question: at what age would you like to retire? The options were 55, 60, 65, and after 67 years old.
Interestingly, the option that received the least votes was what many might consider the most “correct” choice.

Among the responses, the majority of Money.it readers clearly favored one retirement age, overlooking another completely.
The results showed a strong preference for retiring at 60 years old, with 57% of the votes, followed by 55 (21%) and 65 years old (19%).
Only a small percentage (3%) expressed a desire to extend their careers, aiming to retire after the age of 67.

Is Retiring at 60 Feasible in Italy?

Retiring at 60 in Italy is a complex matter.
While it is possible through specific early retirement options like “Quota 41,” which do not have a minimum age requirement, there are other eligibility criteria to meet.
To qualify for early retirement, individuals need to have accumulated 42 years and 10 months of contributions, with one year less for women.

Alternatively, individuals can retire with just 41 years of contributions if they were considered early workers, started contributing at 19 years old, and belong to certain protected categories (such as unemployed, disabled, caregivers, or those with strenuous occupations).
Moreover, at least one weekly contribution must have accrued under the retributive calculation system by December 31, 1995.

For a detailed overview of retirement planning, readers can explore our specialized course on the topic.

Retirement Age Post-60: Current Italian Practices

In Italy, retirement typically occurs later than 60 years old, in line with the pension reform introduced in 2011.
Apart from early retirement schemes, most individuals must wait until they reach 67 years old to retire under the old-age pension scheme, which also requires a minimum of 20 years of contributions.

There are some flexibility measures like “Quota 103,” allowing those with 41 years of contributions to retire at 62 years old.
Purely contributory individuals, who started working after January 1, 1996, can retire at 64 with 20 years of contributions, granted their pension amount is at least three times the value of the Social Allowance (Assegno Sociale).

Considering the current landscape, the likelihood of retiring at 60 is quite restricted, especially compared to those aiming for retirement at 65.
According to INPS data, the average effective retirement age in 2022 was 64 years and 4 months, highlighting the impact of recent flexibility measures on retirement trends.

Explore Retirement Planning with Money.it Courses

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