Over a quarter of Estonian people do not believe they will ever retire
26% of people don't think they will ever stay on old-age pensions, Luminor's Estonian pension survey revealed. Nearly a third of those who believe in their own retirement think this is only happening after they turn 70.
The more pessimistic ones are younger, men and people with Russian as their native language. 35% of 17-36 year olds don't think they will ever retire. By contrast, in the older age group, among the 37-60-year-olds, the same figure is 23%. Of men, 29% and 22% of women do not believe in retirement. 35% of people with Russian as their native language and 24% of people with Estonian as their native language do not believe in retirement.
Of those who believe they will retire, 33% think it will take place after reaching 70, or nearly seven years after the current official retirement age; 13% think they will retire in the age range of 66 to 69 years old.
“These results can be interpreted in many ways. There are probably those who do not plan or wish to retire themselves, but there are also very likely people who think that retirement age could rise so much in the future that they simply will not live long enough,” commented Martin Rajasalu, Member of the Management Board of Luminor Pensions Estonia.
According to the survey, very few people in Estonia consider the pension system here to be fair. Only 7% of respondents agree with this argument. And only 3% think that the Estonian pension system covers their retirement needs. However, compared to Luminor's survey of the population two years ago, these figures have somewhat improved: at the time, 2% of the population felt that the pension system was fair and covered the needs of the retirement age.
Among people who believe in their own retirement, there are somewhat more, perhaps 11%, of those who feel that the current system covers their retirement needs.
The survey responses were collected using a quantitative web survey in June and July this year. The aim was to find out how people regard the Estonian pension system and what they expect from it. The study involved 1599 clients of the Luminor Pensions Estonia II pension pillar.