Early Start of Savings Will Generate Less Economic Effort When You Retire

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    The early start of saving results in less economic effort when retiring; therefore, for Popular Pensiones it is a priority to continue making the younger population aware of the need to start this long-term habit, which will allow them to have a better pension in the future.

    According to data from the Superintendency of Pensions (Supen), only 9% of voluntary pensions belong to young people, while 38% belong to people between the ages of 45 and 59.

    “The younger you start saving, the less economic effort you will have to make as you approach retirement age. We know that young people have priorities, such as study, home or entertainment, however, it is urgent that they incorporate within their budget, the item of savings in a Voluntary Pension, taking into account that, at the time of their retirement, their economic conditions will change drastically”, stated RógerPorras, General Manager of Popular Pensiones.

    Here are some reasons to get a Voluntary Plan sooner rather than later:

    • A contributing worker will receive from the CCSS IVM Regime, on average, 50% of their reference salary and about an additional 20% corresponding to the Mandatory Complementary Pension Regime.

    • At age 65, you may not have financial responsibilities such as education or housing, but you will have to start spending on health or other things.

    • The younger you start the savings habit, the easier it will be to continue and you won’t have to sacrifice as much of your budget.

    • The Voluntary Pension Plan allows you to exonerate up to 10% of salary in social charges and in income tax.

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