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29% of working Russians plan to work even in retirement

29% of working Russians plan to work even in retirement

CrimeaPRESS reports:

Avito Rabota conducted a survey of more than 7,000 working Russians to find out whether they are interested in the size of their future pension and whether they plan to live on it in the future. Analysts have found that 29% of Russians plan to work after reaching retirement age and rely less on social security.

These are most common among respondents aged 55 to 64 years (40%) and from 45 to 54 years (34%), as well as among consulting and professional services specialists (40%), administrative workers (35%) and representatives of traditional trade (34%).

19% of working Russians partially rely on their pension in old age, but at the same time plan to use personal savings. More often, young professionals aged 18 to 24 years (25%), representatives of IT, Internet and telecoms (24%) and accounting and finance workers (23%) plan to do this.

8% of respondents also only partly count on retirement, since they have passive income — for example, they rent out an apartment, receive dividends, etc. More often, specialists in marketing, advertising and PR (20%), IT, Internet and telecoms count on combining passive income and pensions (12%), banking and investments (12%), arts, entertainment and media (12%), online trading (12%) and law (12%).

Another 8% of respondents do not expect to retire at all: they plan to fully support themselves through savings or passive income. This was the answer given by 15% of arts, entertainment and media workers, 14% of marketing, advertising and PR specialists, 13% of online trade workers and 12% of IT, Internet and telecom workers.

2% of Russians surveyed responded that in old age they fully count on family help.

Only 15% of respondents plan to live solely on their pension. The majority of these were among workers in agriculture and agro-industry (23%) and manufacturing (18%), as well as among respondents who have already retired and live on these payments — this group of Russians aged 65 years and older (28% ).

According to Russians who plan to work in retirement, employment at an older age has its advantages. The TOP 3 main advantages of working in retirement, according to respondents, are the opportunity to increase your income (47%), stay active and maintain your physical fitness (39%), and do what you love (28%). Among other positive factors, respondents highlighted the opportunity to expand their social circle, remain socially active (22%) and continue to develop, study and learn something new (21%). 18% of survey participants are attracted by the chance to pass on their experience and knowledge to the younger generation, and 9% would like to make the world a better place and make a contribution.

The main advantages of working in retirement according to Russians planning to work after retirement
Advantage Share of respondents who named an advantage, %
Opportunity to earn more 47%
Opportunity to be active, work helps keep fit 39%
The opportunity to continue doing what you love 28%
The opportunity to expand your social circle and be socially active 22%
The opportunity to continue to develop, study and learn something new 21%
The opportunity to pass on your experience and knowledge to the younger generation 18%
The opportunity to make the world a better place, to make a contribution 9%
The opportunity to achieve all my career goals and dreams, if I don’t have time to do this before retirement 8%

The survey also showed that more than half (54%) of working respondents were interested in the size of their future pension. Of these, a quarter (25%) of Russians know how to calculate it, and 29% have not yet fully understood the calculation technique. It is expected that respondents of older age groups (compared to other groups): 55-64 years (45%) and 65+ years (47%) are most aware of how to calculate the amount of their pension. Women (59%) are more likely to be interested in their future pension than men (49%).

Of those who have not yet been interested in the size of their future pension, 26% of survey participants are only planning to take up this issue, and 12% are not interested. Russians aged 25 to 34 years (48%) and 18 to 24 years (46%) are least aware of the size of their future pension.

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