Retirement a month later from 2027

From 1 January 2027, people retiring under the old-age rule will leave work one month later than in 2026, at 67 years and one month. Early retirement based on contributions also moves up by one month, to 42 years and one month of contributions for men and 41 years and 11 months for women. A waiting window of three months applies to private-sector early exits and five months to public-sector ones. The requirements rise again in 2028, when old-age retirement reaches 67 years and three months and early exit needs 43 years and one month of contributions for men and 42 years and one month for women. The one-month increase applies to every exit route, old-age and early alike.

New coefficients and what they do

The Ministry of Labour, working with the Ministry of the Economy, issued a decree dated 16 October 2026 setting new transformation coefficients for 2027 and 2028. These percentages convert the contribution pot, known as the montante contributivo, into an annual pension, and they are revised every two years using demographic data supplied by Istat. At 67 the coefficient falls to 5.514, while at 68 it drops to 5.707. ANSA and Rai put the previous age-67 value at 5.575, while Il Fatto Quotidiano and La Stampa give 5.608, so the size of the cut depends on which baseline is used. For early exit at 64, the coefficient is 5.009, against 5.086 in the 2025-2026 biennium, according to Il Fatto Quotidiano and Rai. La Stampa puts the new coefficient at 71 at 6.382.

Age 64 (early exit)5.009%

Age 675.514%

Age 685.707%

Age 716.382%

Age 64 (early exit)

5.009 %

Age 67

5.514 %

Age 68

5.707 %

Age 71

6.382 %

Data from the article text

What a lower coefficient means in euros

La Stampa works through an example with a contribution pot of 300,000 euros, where the estimated gross monthly pension at 67 falls from 1,294 euros to 1,272 euros. On the same pot, the new simulation gives 1,156 euros a month at 64, 1,272 at 67 and 1,473 at 71. The paper stresses that these amounts are comparable only if the pot stays unchanged, since people who keep working add contributions and may see their pension rise further. The new coefficients do not touch pensions already in payment, only new ones. Workers who started contributing from 1996 are the most affected, while workers with earlier contributions see the new coefficient applied only to the contributory part of their pension. Il Messaggero makes the same point for mixed-system pensions, noting that the size of the reduction depends on the retirement age and the weight of the contributory component.

Postponing exit as a partial offset

La Stampa argues that delaying retirement can offset part of the drop, because a more favourable coefficient applies and contributions keep accumulating. Fanpage frames the reform as a consequence of rising life expectancy: as it increases, coefficients fall and the retirement age climbs at the same time. The government intervened because life expectancy rose, according to the same coverage. The tables were published on the Ministry of Labour website on 20 October, after the decree dated 16 October.