Spaniards’ life expectancy brings with it financial challenges such as planning for retirement. Experts advocate systems to supplement the state pension, but as the largest generation in history approaches retirement, 25% of those already retired will return to work for economic reasons. This is one of the conclusions of the study Longevity: are we Spaniards ready for a long, happy and healthy life?produced Nationale-Netherlands.

There are several reasons, but the main one is that “financial planning is conspicuous by its absence in our country,” according to Jose Antonio Erce, economist, longevity and retirement expert and founding partner of LoRIS. In fact, the same study puts the percentage of Spaniards who don’t know how much money they need to save for retirement at 55%.

Ivan Ibanez, a doctor who specializes in anti-aging treatments, added that in addition to a lack of financial culture, there is also a lack of knowledge about “the lives that retirees will lead when they don’t have to work.” In this sense, the doctor reinforcedthe idea of ​​having a vital purpose after retirement it accompanies financial planning.

According to the National Institute of Statistics (INE), there are currently more than 330,000 people over 65 working in the country. According to the latest EPA Survey, there are 58,100 employed people age 70 and older.

Lack of interest in an active pension

The percentage of Spaniards returning to work contrasts with our country’s active retirement rates. This is a system that makes receiving benefits compatible with professional activities. According to the Ministry of Social Protection, Until July 2022, 67,164 people were in this situation.completely self-employed.

This figure represents a decrease from the 69,484 in 2021 and notes that This figure is barely accepted among wage earners.According to the same data, only 10,000 people are included in this system.

According to Gerse, the lack of interest in active retirement is due to its demands. To access an active pension, you must have passed one year from your normal retirement age and you must have contributed to be eligible for 100% of the pension. However, within this system the employee refuses 50% of the payment, while continuing to contribute due to professional contingencies and temporary disabilities. In addition, a solidarity contribution of 8% applies. To receive 100%, in the case of a self-employed person, the pensioner must have at least one employee.

Dissatisfaction with your financial situation

A thousand Spaniards aged 18 to 79 responded to the survey conducted by the insurance company. Although the study was conducted in 11 countries in which the group operates, Data from other markets have not been made public.therefore, Spanish responses cannot be contextualized in relation to other countries.

However, responses regarding economic conditions are similar to those in other savings and pensions surveys. In particular, only half of the respondents have three months of savings and 45% have difficulty making ends meet. Despite these figures, Nationale-Nederlanden’s analysis is relatively positive: 57% of Spaniards hope to live comfortably in retirement and half, 48%, believe they will continue to receive a pension.

However, it shows that there are some dissatisfaction with the financial situationwhich receives a response of 5.4 out of 10. “Concerns about the pension equation and the economic resources we will need to cope with the extra years this fact offers us are normal, and so we must offer companies solutions that allow seniors people will live better,” he adds. Josep ZelayaDeputy General Director and Director of Customer Relations of an insurance company.

Guerse also highlights the role of companies in this collaboration to ensure Spaniards plan ahead for their financial needs before retirement. On the same line Ana BediaDirector 65 years oldcriticized the ageism that retirees suffer and addressed the opportunities that companies have with these people who continue to be consumers and clients for decades.