Spanish pensioners do not trust the sustainability of the pension system: 52% have doubts about whether they will continue to receive their benefits.

Retired woman counting money (ShutterStock).
Retired woman counting money (ShutterStock).

“The pensions won’t come to me.” This phrase is very common among young people entering the labor market. Excess spending compared to income or the retirement of baby boomers – a demographic group that will leave the labor market in the coming years and further decline the replacement rate – are some of the factors that are increasing the burden on the system and putting the continuity of these retirement benefits at risk. in danger. However, this fear is manifested not only in the younger ones.

Therefore, 52% of retirees have doubts about continuing to receive their pension, despite their contributions during their working lives, according to the latest study conducted by the center. Netherlands National, where society’s perceptions and views regarding increasing life expectancy are analysed. It should also be noted that, One in four retirees does not rule out returning to work In the event that their pensions are withdrawn due to the poor economic situation in their homes.

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Among the problems with the sustainability of the system are, on the one hand, the excessive indebtedness of Social Security and, on the other hand, the number of retired population much higher than the number of Spaniards in the labor market.

In Spain, there are 133 people over 64 for every 100 people under 16.It is a percentage that is growing at an “unbridled pace” in light of life expectancy at its highest historical levels and low birth rates, making Spain the second country in the European Union with the lowest number of births. This situation puts at stake the sustainability of our country’s pension system, because in a few years, those over 55 years old will belong to this generation. Baby boom They will leave the workforce, increasing pressure on the new generation entering the labor market.

The number of active people over the age of 55 has increased by 62% in the past 10 years and 147% in 20 years, until reaching more than 4.8 million people in 2023, according to the Adecco Foundation. Specifically, in Spain there are 4,853,400 active people over the age of 55, or in other words, almost 5 million elderly people have or are looking for a job in Spain, This is a number that represents 20% of the total workforceseven points more than ten years ago.

Therefore, the situation is unsustainable for the public treasury. Spending on pensions exceeded 12 thousand million per month for the first time in its history in June of this year. Executive l Pedro Sanchez It repealed the reform approved by the People’s Party in 2012, which capped pension increases at a maximum of 0.25%. Sánchez imposed the old system again: linking the increase in pensions to inflation expectations for that year. This year, 8.5% and next year everything seems to indicate that next year it will be around 4%.

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This is how the country as a whole is heading About one retiree mark for every two workersBut some of the older, more “empty” areas are already approaching the limit of one worker per retiree.

Las Repairs The measures implemented since 2011 to ensure the sustainability of the system entail, in most cases, a reduction in expectations for the amount of the pension. Gradually increasing the retirement age, increasing the requirements for years of contributions, expanding the contribution rules, or determining Equality between generations These are measures aimed at confronting these pressures, and they could reduce the value of pensions in the coming years.

As for the most youths, the lack of confidence in the sustainability of the system is becoming more evident, and thus the doubt that hangs over them is how to organize their financial affairs for their retirement. Thus, 55% of Spaniards do not know how much money they should save for retirement in case the pension “doesn’t come to them.”

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