65.5 66.0 66.5 67.0 67.5 68.0 68.5 69.0 69.5 65.0 2020 2024 2028 2032 2036 2040 2044 2048 2052 2056 2060 State Pension age Standard retirement age Graph 3.1 Development of State Pension retirement age and standard retirement age based on AG2020. Adjustment of the State Pension retirement age is done in threemonth steps. According to the AG2020 projections the State Pension retirement age increases to 67 years and 3 months in 2030 and to 68 year in 2042. The impact of Covid-19 on life expectancy is as yet hard to predict. The outbreak was in 2020 and that means that only limited date are available. Future developments related to this virus are uncertain and at this time it is not clear if there will be a lasting effect. For this reason, the 2020 effects have not been included in the projections. To provide some insight into the possible impact on life expectancy, two sensitivity analyses were performed: • An analysis only including excess mortality until mid 2020. • Another analysis assuming that there will be an equal excess mortality in the second half of 2020. In the first analysis the average life expectancy at birth is about six months lower than the AG2020 prognosis. In the second analysis the average life expectancy decreases by more than a year. The effect is stronger for men than for women. Projections Life Table AG2020 Summary 10
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