For more than 35 years, the size of the social pension in Russia was five to six times lower than the Soviet old-age pension. This is what Andrey Loboda, BitRiver’s economist and communications director, told socialbites.ca. He told how to get passive income in retirement.
“For Russians, a reasonable pension is a philosophical issue, an indicator of social justice. Of course, you can attribute your financial well-being in old age to a weak and constantly falling ruble, budget problems and geoeconomic tensions. But at the age of 35-40 it is worth thinking about increasing savings in the long term. The culture and practice of financial behavior require improvement. The economist noted that today in Russia the minimum level of a reasonable pension is not lower than 50 thousand rubles.
At the same time, he added that middle- and high-income Russians can significantly “sweeten” their lives in old age.
Loboda advised Russians to invest 5% to 15% of their monthly income in shares of Russian world-class companies and gold investment coins. The expert added that with the adoption of the law on the development of mining, Russians will have “perhaps the only ruble investment instrument whose result is evaluated in dollars”: cryptocurrency mining.
He noted that high inflation and “the temptation of a luxurious life here and now” could “destroy Russians’ dreams of a sweet life” in old age.
According to Loboda, long-term investment ideas in ruble instruments will be noticeably more successful when the monetary authorities decide to implement a strong ruble policy. The expert said that when saving money “for a bright future”, you should not lose sight of two important things: education and health. The economist concluded that it is education and health that determine the quality of human capital that allows a person to earn more over the years.
According to a Nibble Invest survey, 35% of Russians will earn passive income in 2024, compared to 38% in 2023.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.