Although the target age is not mandatory, it means that many people will be expected to retire later, as it affects when you can receive different parts of the national pension and various benefits/subsidies.
Why is the Retirement Age Increasing?
The reason is that as life expectancy increases, the pension needs to be distributed over more years, otherwise, the monthly payments will decrease. The Pensions Agency (Pensionsmyndigheten) describes the target age as a way to keep pension levels more stable as we live longer.
Rules for Pension Withdrawal
- Income pension and premium pension can be withdrawn at the earliest three years before your target age (for many: from 64 if the target age is 67).
- Guarantee pension, housing supplement, and income pension supplement can be received at the earliest from your target age (for many: from 67).
Who Gets a Target Age of 67?
According to the Pensions Agency, the target ages the target age 67 is decided for people born in 1963 or earlier. Those born in 1964 and later have only a predicted target age, which means it is not yet fixed/decided.
- 66 years: born 1958-1959
- 67 years: born 1960-1966
- 68 years: born 1967-1980
- 69 years: born 1981-1996
- 70 years: born 1997-2014
However, this should be seen as a prediction, for example, someone born in 2000 (i.e., 25 years old) has a predicted target age for pension of 70 years.
Swedes Live Longest in the EU, Which Affects the Decision
At the same time as the retirement age is being tightened, EU figures show why the policy is moving in that direction: Sweden had a life expectancy of 84.1 years in 2024, which was the highest in the EU (shared with Italy), according to Eurostat. (Source: Eurostat)
An EU/OECD report (Country Health Profile 2025) describes 2024 as a record year: 84.1 years and the highest in the EU, clearly above the EU average. (Source: OECD)
