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2022 | nr 1 (ang) Social Security Systems in the Light of Demographic, Economic and Technological Challenges | 26--30
Tytuł artykułu

Retirees' Subjective Assessment of their Post-Retirement Financial Positions in the Light of Existing Standard of Individual Replacement Rate

Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
It is assumed that the replacement rate for the first pension based on the last earnings or pre-retirement income should account for 60-80% to ensure that the standard of living during retirement is maintained. Meanwhile, the replacement rates for old-age pensions paid by the Social Insurance Institution (ZUS) have successively been declining. This paper aims at verification of the pension security standards in the light of the subjective assessment of the financial positions of pensioners for whom the main source of income is an old-age pension paid by the Social Insurance Institution (ZUS) and the acceptance of a decline in the old-age pension in relation to the previous earnings. The article applies a dependency analysis based on data obtained from a declarative survey carried out in 2018 on a representative group of 1,500 people, of which for 1,336 people the pension paid by the Social Insurance Institution was their main source of livelihood. The survey shows that as many as 47% of respondents whose replacement rate was at the level of 2/3 of their last salary indicated that their individual financial positions deteriorated after retirement. A similar result was obtained for the assessment of the financial position of the entire household. At the same time, 40% of respondents whose pension was 1/3 less than their last income indicated that this decline was unacceptable to them. Comparing the declaration of acceptance of a decrease in pension income and the actual replacement rate, it can be noted that 96% of those with a replacement rate of 2/3 of their last income indicated that they could not afford a higher decline of the replacement rate. At the same time, as many as 60% of respondents with a replacement rate of 2/3 of their previous income indicated that the income of a spouse/partner was a necessary or important supplement to the retiree's income. Thus, in the subjective assessment of retirees, a replacement rate of 2/3 of previous income is regarded as a necessary minimum rather than an income that ensures a comparable standard of living during retirement. This conclusion points to an even greater challenge in securing adequate resources in retirement. (original abstract)
Twórcy
  • University of Gdansk
  • University of Gdansk
Bibliografia
  • 1. Alonso-Fernandez, J.-J., Meneu-Gaya, R., Devesa-Carpio, E. et al., 2018. From the Replacement Rate to the Synthetic Indicator: A Global and Gender Measure of Pension Adequacy in the European Union. Social Indicators Research, 138(1), 165-186. DOI: 10.1007/s11205-017-1653-x
  • 2. Barr, N., Diamond, P., 2006. The Economics of Pensions. Oxford Review of Economic Policy, 22(1), 15-39. DOI: 10.1093/oxrep/ grj002
  • 3. Bielawska, K., 2016. Adekwatność emerytur w świetle zmian polskiego systemu emerytalnego. Zarządzanie i Finanse, 14(4), 31-44. [Adequacy of Pensions in the Light of Reforms of Polish Pension System].
  • 4. Bielawska, K., 2019. Economic Activity of Polish Pensioners in the Light of Quantitative Research. Equilibrium, 14(1), 149-165.
  • 5. Biggs, A.G., 2016, Retirement Replacement Rates: What and How. In: O.S. Mitchell, R. Maurer, J.M. Orszag, eds. Retirement System Risk Management. Implications of the New Regulatory Order., Oxford University Press, 154-170.
  • 6. Chłoń-Domińczak, A., 2010. The Pension System in Poland in the Gender Context. In: B. Marin, E. Zolyomi, eds. Women's Work and Pensions: What Is Good, What Is Best? Designing Gender Sensitive Arrangements. Ashgate, 111-129.
  • 7. Chybalski, F., 2018. Poverty Alleviation and Consumption Smoothing in European Pension Systems: Convergence or Divergence? Argumenta Oeconomica, 1(40), 181-202.
  • 8. Chybalski, F., Marcinkiewicz, E., 2016. The Replacement Rate: An Imperfect Indicator of Pension Adequacy in Cross-Country Analyses. Social Indicators Research, 126, 99-117. DOI: 10.1007/s11205-015-0892-y
  • 9. Cole, C.R., Liebenberg, A.P., 2008. An Examination of Retirement Income Adequacy Measures and Factors Affecting Retirement Preparedness. https://ssrn.com/abstract=1272067
  • 10. Czepulis-Rutkowska, Z., 2000. Systemy emerytalne a poziom zabezpieczenia materialnego emerytów. Warszawa: IPiSS. [Pension Systems and the Level of Financial Security of Pensioners].
  • 11. Góra, M., 2003. System emerytalny. Warszawa: PWE. [Pension System].
  • 12. Hanusik, K., Łangowska-Szczęśniak, U., 2016. Wybrane determinanty zróżnicowania samooceny poziomu życia gospodarstw domowych (na przykładzie Polski w 2013 r.), Studia i Prace WNEiZ US, 44(2) [Selected Determinants of Variation in the Households' Self-Assessment of the Standard of Living (on the example of Poland in 2013].
  • 13. MacDonald, B., Osberg, L., Moore, K., 2016. How Accurately Does 70% Final Employment Earnings Replacement Measure Retirement Income. (In)Adequacy? Introducing the Living Standards Replacement Rate (LSRR). ASTIN Bulletin, 46(3), 627-676. DOI: 10.1017/asb2016.20
  • 14. OECD, 2019. Pensions at a Glance 2019: OECD and G20 Indicators. Paris: OECD Publishing. DOI: 10.1787/888934042124
  • 15. Pfau, W., 2021. Retirement Planning Guidebook. Navigating the Important Decisions for Retirement Success. Vienna, Virginia: Retirement Researcher Media, 55-56.
  • 16. Ratajczak, J., Bartkowiak, M., 2021. Minimum pension as the instrument for protecting the elderly against poverty in Poland. Problemy Polityki Społecznej, 53(2), 54-73. DOI: 10.31971/ pps/137911
  • 17. Ruzik-Sierdzińska, A., 2018. An Attempt to Identify Factors Influencing Retirement Decisions in Poland. Acta Universitatis Lodziensis. Folia Oeconomica, 4(336), 43-59. DOI: 10.18778/0208- 6018.336.03
  • 18. Scholz, J.K., Seshadri, A., 2009. What Replacement Rates Should Households Use? Michigan Retirement Research Center Working Paper WP 2009-214. https://mrdrc.isr.umich.edu/publications/ Papers/pdf/wp214.pdf
  • 19. Stevens, Y., 2022. On the origin of pensions. In: J. Kolaczkowski, M. Maher, Y. Stevens, J.M. Werbrouk, eds. The Evolution of Supplementary Pensions. 25 Years of Reform. Edward Elgar Publishing, 10-33.
  • 20. ZUS, 2022. Ważniejsze informacje z zakresu ubezpieczeń społecznych - 2021. [Major Social Insurance Information - 2021]. https://www.zus.pl/documents/10182/167633/ Ważniejsze+informacje+z+zakresu+ubezpiecze% C5„+spoÅ‚ecznych+2021+r.pdf/c2534eab- 0ef2-7053-6700-0205ea71e940?t=1653482455260
Typ dokumentu
Bibliografia
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