Retirement age calculator · Iceland
The earliest age you can claim a pension, the age for a full pension, and what each one pays. Change your age in the calculator below.
About ISK 589,728 net a month at 67, in today’s money. Assumes you started work at 22; change it in the calculator below.
What each age pays ↓…
Retirement age in Iceland: when you can claim your pension
When you can retire depends on your year of birth and how many years you have been insured. The calculator above shows the earliest age and the age for a full pension, and what each age would pay.
The rules in brief
- State old-age pension (TR): The Social Insurance Administration pays up to ISK 365,592 a month in 2026 to people with 40 years of residence between 16 and 67 (less with fewer years). It is reduced by 45% of other income, including fund pensions, above ISK 43,658 a month. Single people living alone can receive a household supplement (not included).
Earliest and full pension, by year of birth
| Born in | Earliest pension | Full pension |
|---|---|---|
| 1965 | age 65, in 2030 (−12.0%) | age 67, in 2032 |
| 1970 | age 65, in 2035 (−12.0%) | age 67, in 2037 |
| 1975 | age 65, in 2040 (−12.0%) | age 67, in 2042 |
| 1980 | age 65, in 2045 (−12.0%) | age 67, in 2047 |
| 1985 | age 65, in 2050 (−12.0%) | age 67, in 2052 |
| 1991 | age 65, in 2056 (−12.0%) | age 67, in 2058 |
| 1995 | age 65, in 2060 (−12.0%) | age 67, in 2062 |
| 2000 | age 65, in 2065 (−12.0%) | age 67, in 2067 |
Assumes work from age 22 without gaps.
Example: born in 1991, what each age pays
| Claim at age | Year | Change | Net a month |
|---|---|---|---|
| 65 | 2056 | −12.0% | ISK 552,797 |
| 66 | 2057 | −6.0% | ISK 571,987 |
| 67 | 2058 | full pension | ISK 589,728 |
| 68 | 2059 | +6.0% | ISK 606,020 |
| 69 | 2060 | +12.0% | ISK 620,863 |
| 70 | 2061 | +18.0% | ISK 634,257 |
Career from age 22 with the calculator’s example pay; amounts in today’s money.
Frequently asked questions
When can I retire in Iceland?
With a full pension at 67 if you were born in 1991; the earliest is 65, with a 12.0% cut.
How much do I lose if I retire early?
12.0% at 65, for the rest of your life.
Rules and official sources: see “Rules applied (2026)” in the calculator. Last checked: October 2026. Estimates for information, not financial advice.
Other questions about pay in Iceland: What is my hourly wage? · What do I take home part-time? · How much unemployment benefit would I get? · How much notice must my employer give? · What is my money worth after inflation?