This chapter considers financial security on a number of levels. Initially some basic issues in relation to social security in old age are briefly discussed. A developing hostility to early retirement within the EU is noted and a basic framework for exploring sources of social security in old age is established. The second part of this chapter then moves on to outline the differing pension arrangements for senior citizens within the six countries on which the study is based. Within each member state the relevant reforms of the last decade are noted and their likely impact discussed. Part three looks at the importance of both individual financial circumstances and wider institutional and economic conditions in relation to the migratory movements of the respondents via an analysis of the qualitative data generated in our study. Several topics are explored, including the impact of economic considerations on migratory movements, respondents’ strategies for managing their money and the potentially negative impact of gendered life courses and migration on the income of female retired migrants. In conclusion it is noted that while pensions do not precipitate movement to the same extent as concerns about accessing particular health/care services, economic factors are nonetheless important and maximising the potential of personal finances is an important aspect of retirement migration decision-making.

Social security for senior citizens in the EU: some themes and issues

Faced with the demographic trends noted in Chapter One and fears about the capability of many member states to meet their present pension commitments, the European Commission has made clear its support for increases in the minimum age at which individuals can retire and access their pensions and the abolition of enforced retirement ages (CEC, 1997c, 1999; Hall, 2001). It is also in favour of promoting policies that restrict early exit from the paid labour market as a way of ensuring the future viability of Europe's pension systems: “The most productive and efficient way to counter the threat of ageing to the sustainability of pension systems is to reverse the trend towards early retirement” (CEC, 1999, p 12). The European Commission is keen to promote ‘active ageing’ policies in the future that entail longer working lives for many individuals. Such changes are of particular relevance to this study because approximately 38% of the respondents are aged 65 years or less with significant numbers taking advantage of early retirement packages.