Economist names ideal age for starting to form pension savings

Candidate of Economic Sciences, financial analyst Mikhail Belyaev named on Wednesday, February 12, the ideal age to start saving for old age.

"It may be a little early for students to start thinking about it if they don't have their own earnings, but when you start to have your own earnings, it's better to think about your pension plan, because the longer the period of saving for retirement, the more you will have a pension cushion and the less you will have a reduction in current expenses," the expert said in a conversation with Lenta.Ru.

According to the economist, it is a little late to talk about the formation of pension savings when there are 5-10 years left before retirement, as the addition to the pension should be substantial. The horizon of 20-30 years is much more important, he believes.

Belyaev added that to form a pension cushion it is not enough to just routinely save money, it is worthwhile to connect financial instruments that bring additional income.

"It is believed that 10% can be saved from any earnings, if it is not a physiological minimum. It is believed that 10% is imperceptible for current consumption, but no one prevents you from saving more. And there is a rule: to save at once, like an apartment fee," - explained the analyst.

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Earlier, on February 10, it was reported with reference to the study of the pension fund "Evolution", conducted jointly with the Financial University under the Government of Russia, that the majority of Russian residents do not prepare financially for life in retirement, RT reports.

It is noted that 43% of respondents rely on the state pension and only 27% are ready to live on their own savings, 360.ru reports. In addition, more than half of respondents rely on the help of relatives and children. At the same time, people with higher education more often prefer to rely on their savings, according to the website kp.ru.

Earlier in the day it was reported that the State Duma deputies from LDPR headed by the head of the Committee on Social Policy Yaroslav Nilov will submit to Parliament a bill to recalculate the insurance pension for working pensioners, based on the maximum individual pension coefficient (IPK). The authors propose that from August 1, the old-age insurance pension for working pensioners should be recalculated based on a coefficient of 10, not three, as it is now.

On February 1, the indexation of social payments and insurance pensions came into force - it was raised to 9.5%. The amount of maternity capital was also indexed by the same figure. The maximum payment will now amount to Br912 thousand.