More years of work, the inevitable future of retirement

It is a problem that may seem distant, but passes unresolved from the legislature to the legislature: hold this pensions.

Unless there is a government agreement neither side wants to bear the political cost to do the inevitable: to prolong our working life.

Spain spent 10,798.09 million euros on pensions in April 2022. The number is increasing month by month. With the retirement of those born in the baby boom (1957-1977), the demographic pyramid in Spain will be reversed.

Calculations are very easy. In summary, if for every retiree today there are three workers keeping their pension in 2050, only one will do that, counting on the arrival of about 8 million immigrants.

As José Ignacio Conde-Ruiz, professor at Complutense University and deputy director of the Fedea (Foundation for Applied Economics Research), notes, “you should get older pension completely flexible. It’s not about going as radically as it is now from 40 hours a week to 0. It will have to be very gradual over time: 30, 20, 10 hours, etc. People may think how to raise the retirement age, they will take the jobs of the young people! But this flexible retirement is from a 20 or 30-year perspective, where there will be fewer people to work.”

The General Assembly of Notaries will address the issue of aging at a major national convention to be held in Malaga on 19 and 20 May. 400 experts from different parts of Spain will come to cover the issue. “For us This is the biggest challenge we face as a society.“, notes notary and conference participant Carmen Boulet.

Boulet also gives us a pension (lifetime retirement, transfer of property for food, reverse mortgage and bare property sale) and others for personal autonomy (preventive entitlements, voluntary support measures, self-curation or living will).

In any case, as Juan Oliva, professor of health economics at the University of Castilla-La Mancha, points out “The key to the future of pensions is to achieve the best health conditions in 20-30 years, but for this, measures must be taken now”“.

In this sense, the fight against tobacco, pollution or childhood obesity is essential. So are measures to increase the birth rate, such as ending job insecurity. It may seem remote, but it’s all about the future of our pensions.

Source: Informacion


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