Almost sixty percent of voters opposed the the initiative led by the trade union federation SGB/USS.
The increase would cost 4.1 billion francs per year and be financed from higher salary deductions.
The proposal was defeated in most cantons but enjoyed support in some French and Italian-speaking areas. A majority of voters in five cantons supported the initiative, with Jura residents (59.5%) keenest to boost their retirement incomes.
Genevans (53.6%) too backed the so-caled 'AHV plus' initiative, but it was defeated by a wide margin in the heavily populated cantons of Zurich (38.3%) and Bern (39.8%).
The Swiss government opposed the plan, saying it was too expensive.
The retirement age in Switzerland is 65 for men and 64 for woman.
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