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This was demonstrated by a population survey commissioned by Swedbank, according to a press release.
“A large part of the country’s population does not consider retirement age to be the moment when they must leave the labor market and stop working. However, this should not create the illusion that worrying about your financial well-being in old age can be put off or simply try to work for as long as possible.
Retirement should be seen first and foremost as a form of self-fulfillment and social communication, and the accumulation of money necessary for life after retirement should take place until retirement age, ”says Tadas Gudaitis, Director of Swedbank Investment Management.
How many more years would you like to work
According to the survey, the majority of the country’s working-age population (23%) does not have a specific retirement date: they would remain in the labor market as long as health or other circumstances allow.
According to the study, the willingness of future seniors to work would decrease with each year of retirement. Upon reaching retirement age, 14 percent. the population would plan to work for 1 to 4 years, 6 percent. I would like to work for 5-10 years, and for more than a decade only 2%. surveyed ”, comments T. Gudaitis.
According to him, people aged 25 to 55 are generally planned to continue working after retirement. age group respondents, as well as representatives of higher education and higher income groups.
The main reasons for working are not economic.
T. Gudaitis points out that the main reasons for working in old age are not financial. The need to contribute additional income to a future pension is only the fourth most important factor, reported by 41%. population of the country.
According to the survey, much more important than economic reasons for working are the desire to diversify daily life (53%), the desire to maintain mental abilities (52%), as well as the desire to maintain social connections and communication with acquaintances . (47%).
“It is gratifying that people of retirement age do not consider working mainly for financial reasons. On the other hand, 2 out of 5 residents think that future pensions will not be enough for them and they may have to make an additional contribution while they continue working, although this is not necessarily desirable. For these residents, it is necessary to consider the possibilities of accumulation in the pension funds of the second or third pillar, this can provide more options when they reach retirement age, “says T. Gudaitis.
According to the expert, by accumulating at least several decades in pension funds, it is also possible to secure a tangible complement to the Sodra pension and thus gain more freedom of choice and experience less financial pressure.
Retirement: income for at least two decades
According to the study, 23 percent. 11% of those surveyed currently employed would not plan to work longer after reaching retirement age, and 11%. would like to retire early. Most of the time, those who do not plan to work indicate 56 m. and the older population, as well as those with a lower educational level and lower income groups.
According to T. Gudaitis, the uneven work plans of the population after retirement are partly determined by their profession or the nature of the work performed.
“It goes without saying that fewer people who have retired would want to keep working hard at manual labor. At that point, retirement age is not necessarily a barrier to mental work. However, it shows that it is especially important to people. who work hard and work or whose opportunities to work after retirement can be objectively limited to begin preparing for a financially secure old age as soon as possible, ”says T. Gudaitis.
Financial readiness for old age can also be affected by health data and demographic trends. According to statistics, at the time of retirement at the age of 65. On average, men in Lithuania should live in Lithuania for a little over 14 years and women for about 19 years. In recent years, these differences between men and women have been narrowing and the general life expectancy of the country’s population has been increasing.
On the other hand, high migration and low birth rates for several decades have led to a decline in the population and an aging of the general population. These factors are expected to put additional pressure on the social security system in the future and may limit the state’s ability to pay old-age pensions to a level that at least partially replaces the level of pre-retirement income.
The research company Spinter tyrimai conducted a representative survey of the country’s population on behalf of Swedbank. The study surveyed 1,006 residents ages 18 to 75 across the country.
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