Survey: More than half of Latvian people want to retire shortly after the age of 50-Baltic News Network

Given this choice, most Latvian residents will retire earlier than required by Latvian law, according to the results of a survey conducted by Citadele Bank in June 2022.

Fifty-seven percent of Latvian residents interviewed want to reach retirement age between the ages of 51 and 60. This answer was the most popular in Lithuania and Estonia, with 51% and 55% of the interviewed residents mentioning retirement in this range. This retirement age was most often mentioned by women in all three Baltic states.

The retirement age for Latvia and Estonia is currently 64 years and 3 months.

In Lithuania, men can reach retirement age at 64 years and 4 months, while women reach retirement age at 63 years and 8 months.

Only about 15% of Latvian respondents are satisfied with their current retirement age, most of them male. According to survey data, residents of Lithuania and Estonia are more satisfied with their existing severance schemes. It is 23% in Estonia and 18% in Lithuania.

«According to survey data, most residents want early retirement, but there is not much initiative from residents to ensure they are financially ready to retire. Most residents do not study second-level pension schemes. On average, contributions to third-level pension plans begin approximately 10 years before retirement. This is too late to save enough money to make future income nearly equal to existing wages, “commented Chairman of the Board of CBL Asset Management, a subsidiary of Citadele Bank. Kārlis Purgailis.

«Even if all workers can write a request to or the VSAA Customer Support Center, few know about the option to make a second level pension inheritable. In 2021, a total of € 2.6 million was inherited by Latvian residents. The state’s special budget, which can be listed as a beneficiary when no other heir is listed, has received € 15 million. Unfortunately, most residents are unaware of these and other useful options. »Purgailis continues.

Twelve percent of Latvian residents are happy to reach retirement age between the ages of 41 and 50.

According to survey data, 10% in Lithuania and 8% in Estonia support such options.

A representative survey of Baltic residents’ wishes to retire was conducted by the Citadele Bank in June 2022 with Norstat. 1,000 people aged 18-74 participated in the online survey. Survey: More than half of Latvian people want to retire shortly after the age of 50-Baltic News Network

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