The increase also compared to pre-Covid levels. In Eurostat data, Italy is the second-longest-living member country, 83.5 years. Trento and Bolzano among the longest-living provinces in Europe
So if you start your work life at 16 and retire at 67, that will give you 51 years working, 14,5 years in retirement and 16 years as a child. That is the “best” case here in Germany, most people won’t work that long, other countries have lower retirement ages and many people are doing additional schooling and university. But even that means that you have to put away / pay into retirement fund 14,5/51 = 28% of your income during your work life to support your retirement.
So if you start your work life at 16 and retire at 67, that will give you 51 years working, 14,5 years in retirement and 16 years as a child. That is the “best” case here in Germany, most people won’t work that long, other countries have lower retirement ages and many people are doing additional schooling and university. But even that means that you have to put away / pay into retirement fund 14,5/51 = 28% of your income during your work life to support your retirement.