Most Romanians wish to retire before normal pension age

Almost 70 percent of the approx. 9,000 people who answered to an online poll would like to retire before actually reaching 60 years old.
Currently, the standard pension age in Romania is 58 years for women and 63 for men, but with the number of those who choose to retire before actually reaching the pension age continuing to grow.

Thus, the number of pensioners who did not complete their contribution years before retiring has doubled in the latest 19 years, currently standing at 59 percent of the total pensioners, according to data made public by the Ministry of Labour, the National Institute of Statistics (INS) and the National Pension House, reads a release of ING Life Insurance.

Another aggravating circumstance, showing the disappointment towards the working and pay conditions in Romania, is that many people wish to become pensioners when they would still be young.

Thus, 36 percent of the total 9,150 respondents to the poll conducted by ING Life Insurance and an online publication said that they would want to retire somewhere between 56 and 60 years old, 30 percent between 45 and 55 and 9 percent before reaching 45.

Which is even worse is that young people gave the answers: more than a half of the interviewed, 54 percent, were aged under 35, 5 percent were aged between 36 and 45 and 15 percent were after 45.
As many as 70 percent of those who answered the inquiry were men.

‘We see two opposite trends here: on one hand, there exist talks about an increase in the pension age and about establishing the same retirement age for both men and women, so that the public system to better answer the demographic changes.

On the other hand, increasing more Romanians wish to be able to retire before the normal pension age,’ Cornelia Aurelia Coman, general manager with ING Life Insurance said.

According to the poll, most of the respondents (40 percent) believe that they would benefit of a pension from the state to account for 30-50 percent of their last pay before retiring.

Almost as many (38 percent) expect a pension to equal their last pay, while 22 percent believe their pension would be less than a third of their last pay. In April, the state average pension stood at 708 lei, representing approx. 50 percent of the average net salary per economy.

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