Retirement from the workforce and pensions are hot topics globally at the moment – not just in Malta, but changes to the state retirement age are afoot on this small Mediterranean Island. It’s a matter of personal choice and circumstances that affect an individual’s retirement age, but the earlier you retire, the more funds you will need as the money will need to last longer. The State Pension age in Malta is currently 61 for men and 60 for women. Due to an ageing population and an increase in life expectancy combined with a falling birthrate over recent years, the retirement age is set to increase to 65 in the future, for both males and females.
Your year of birth is the deciding factor at which age you can start to draw your State Pension. If you were born in or before 1951, you can take your State Pension at 60 if you’re female and 61 if you’re male. If you were born between 1952 and 1955, you can collect a State Pension at 62 as long as you have paid enough National Insurance Contributions and you have actually stopped working. For those born between 1956 and 1958 inclusive, the retirement age rises to 63, as long as eligibility conditions are met, and for people born between 1959 and 1961 (inclusive), the age rises to 64. Anyone born in 1962 or later will only be able to retire and draw the State Pension after their 65th Birthday.
Many people like to retire much earlier than their State Retirement Age, and some people manage to do it by ensuring they have sufficient money to bridge the gap between stopping work and receiving the State Pension.
For more information about State Pensions in Malta, contact:
Ministry for Social Policy
Palazzo Ferreria, 310 Republic Street
Valletta CMR 02, MALTA
Social Policy Information Centre
Telephone: (+356) 2590 3100
Fax: (+356) 2590 3121