Over the next five years, the implementation of a reform lowering the retirement age to 64 for all would have a major and immediate economic impact on public finances. The increase in the number of new retirees, estimated to be between 120,000 and 160,000 people per year, would result in an increase in pension expenditure equal to approximately 0.3 percentage points of GDP in the first year of implementation, with a progressive trend that would bring the incidence on GDP from the 15.3% projected for 2025 to 16.2% by 2030, compared to 15.7% under current legislation.  In absolute terms, this would result in an increase in total spending of around €40 billion for the five-year period 2025-2029, at constant prices. This is the finding of a research by the Unimpresa Research Center, which forecasts that the difference will remain stable at roughly 0.5 percentage points of GDP in the long run, with spending in 2070 equal to 14.5% of GDP in the new scenario, compared to 14% under unchanged legislation. The cumulative effect of this deviation between 2025 and 2045 would amount, in nominal terms at 2020 prices, to around €160–180 billion in additional total spending. The burden would have a structural effect on the net borrowing requirement, putting pressure on the State budget precisely at a time when a gradual deficit reduction and a return below the 3% threshold are expected in the medium term. At the same time, the lower contribution income associated with a major fraction of workers' early retirement would reduce the pension system's ability to fund itself, raising the need for general resources to cover the gap. In the first five years of implementation, the change would create an immediate and rising imbalance, necessitating corrective or compensatory measures to avoid its unsustainable nature.