In response to rising life expectancy and growing concerns about the financial sustainability of public pension systems, many European countries have introduced reforms aimed at delaying retirement. While these reforms are justified on actuarial and fiscal grounds, they risk overlooking the unequal effects on different population groups. This paper focuses on the Italian case, drawing on both national and international empirical evidence to examine the health, labour market, and distributive consequences of increasing the retirement age. We show that such reforms can unintentionally worsen health outcomes, exacerbate socio-economic disparities, and increase welfare dependency and labour market exclusion, particularly among more vulnerable workers. They may also lead to regressive redistribution, benefiting higher-paid and longer-lived individuals. These effects are further shaped by gender, reflecting disparities in caregiving responsibilities and fragmented career paths. Finally, we discuss policy options that could reconcile fiscal sustainability with social equity and individual well-being.
