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What does a good pension start from?

Retirement age increase in Russia has raised the issues of financial support for people in old age. Many media articles are dedicated to this topic. Experts advise people to start saving and investing the money now, so they do not end up with nothing in old age. Young people should realize that both good earnings, and deductions, savings and investments are equally important nowadays.
What does a good pension start from?

According to calculations, for example, young people in Russia with an annual salary of 240,000 rubles (20,000 per month), pay annual deductions to the Pension Fund in amount to 52,800 rubles. For 20 years, there will be 2 million 112 thousand rubles accumulated. If a woman has been working since the age of 23, and retires at 63 years old, then with an average life expectancy of 80 years, the age of survival will be 17 years. Thus, the Pension Fund payments will be at the level of 117,333 rubles a year or about 10 353 rubles per month. The old people living far from the city get a little more than that.

In general, the retirement period ranges from 62 to 70 years in different countries around the world. The biggest workaholics are the Japanese. The trend to increase the retirement age after the increase in life expectancy is observed in developed countries everywhere. The age bar 60 years of age is saved in Ukraine only. However, this year they have raised the minimum employment record up to 25 years to receive a state pension, and by 2020 it will reach 35 years, notes.

At present, there is practically no so-called distribution (solidarity) pension system in Europe, when working citizens feed the elderly. It is outdated due to increase in the number of elderly people. The only country where the able-bodied population supported retirees was Greece. This became one of the reasons for the economic crisis.

Different EU countries find different solutions. A three-level system operates in Germany. It consists of co-financing from the state, an employer (enterprise or company) and a person himself. The payments to the fund make up one-fifth of earnings in average. The more the citizen pays, the higher his future pension will be. The employment record is of great importance: in order to receive a "minimum pension", you need to work for five years at least. The minimum pension is €300. On average, men receive €900 monthly, and women - €500. Next year, the retirement age in Germany will reach 67 years.

The saving principles for old age in the UK are similar, where the oldest pension system in the world operates. The state pension consists of two parts: the main and complementary. The first depends on time during which payments to the social insurance fund were made, the second - on the level of wages and the availability of other benefits. To receive a full pension, men need to work at least 44 years, women - 39.

The full pension is £155 (around $202) per week. Besides, over the last years, the state has been actively encouraging companies to create their own pension guarantees for their employees. The British authorities intend to increase the age of retirement from 65 to 68 years.

One of the conclusions made by is that "cutting costs on pensions now means cutting costs on yourself in the future, because we all will find ourselves in old age sooner or later".

We would like to add that in Kazakhstan, you can use the service of saving life insurance offered by life insurance companies from the young age. This is an opportunity to insure your life, and save money on both your old age and other important events in life. After all, a good pension starts with good savings; and the sooner young people start doing that the better.


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