When can I retire, and are 40 years of work enough?
The retirement age is 64 — and 40 years of work is no longer enough. The current retirement age is 64 for men and women alike. The reduction of 6 months for each child raised, up to a maximum of 18 months, remains in place. The key change, from 15 May 2024: the number of years worked needed for early retirement is now tied to your birth cohort — the formula is the general retirement age for that cohort minus 23. So the 1964 cohort needs 40 years and 8 months, the 1965 cohort 40 years and 10 months, and the 1967 cohort as much as 41 years and 1 month. For every month started of early retirement, the pension is cut by 0.5%.
📋 The rules
- Retirement age: 64 for men and women
- For each child raised: a reduction of 6 months, max 18
- Early retirement on 40 years: the threshold is cohort-linked
- The formula: the cohort's retirement age minus 23
- Reduction: 0.5% for each month started of early retirement
🔓 Exceptions
- The 1964 cohort needs 40 years 8 months; the 1967 cohort 41 years 1 month
- At least 15 years of pension insurance are required
- An early pension must exceed 1.6× the subsistence minimum — €454.60 a month
⚠️ Penalties & fines
The great misconception of recent years runs: "I will do my 40 years and go". That no longer holds. Since 15 May 2024 the threshold has been tied to your birth cohort, and for younger cohorts it exceeds 41 years. Fail to check and file too early, and no entitlement arises. The second condition that sinks applications: an early pension must exceed 1.6× the subsistence minimum, that is €454.60 a month — anyone who falls below that line cannot take early retirement at all, however many years they have. And do not forget the reduction: 0.5% for every month started is permanent, not temporary.
📎 Official sources
- Social Insurance Agency · Retirement age →
- Ministry of Labour · Changes to early retirement →
- Slov-Lex · Social Insurance Act (461/2003) →
❓ Frequently asked
What is the retirement age?
Sixty-four, for men and women alike. It is reduced by six months for each child raised, up to a maximum reduction of eighteen months in total.
Are 40 years of work enough for early retirement?
Not any more. Since 15 May 2024 the threshold has been tied to your birth cohort — the formula is that cohort's retirement age minus 23. For younger cohorts it therefore exceeds 41 years.
How many years does my cohort need?
The 1964 cohort needs 40 years and 8 months, the 1965 cohort 40 years and 10 months, and the 1967 cohort as much as 41 years and one month. The bar rises with each cohort.
How much is an early pension cut by?
By 0.5% for each month started of early retirement. The reduction is permanent, not temporary — the pension does not go back up once you reach the ordinary retirement age.
Is there a minimum early pension?
Yes. An early pension must exceed 1.6× the subsistence minimum, that is €454.60 a month. Anyone falling below that line cannot take early retirement at all.
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