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Many are financially secure, but there is a downside.
Enjoying retirement without financial worries – apparently the majority of pensioners in Switzerland can do that. According to the study, senior citizens are even happier than the working population: 73 percent of the retired are satisfied with their financial situation, compared to only 58 percent of those under 65.
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This also has something to do with financial independence, says study director Andreas Christen from Swiss Life, which commissioned the study: “Incomes fall somewhat at retirement age, but on the other hand there is security. Pensioners don’t have to worry about losing their job, they get their money regardless of the job they do. This is one of the reasons why they feel more self-determined than before retirement age.”
other side of the medal
This is proof that the majority of the Swiss three-pillar system for old-age provision still works today, says Peter Burri from Pro Senectute: “Today we have a generation of retirement age that has been able to pay into the 2nd and 3rd pillars for the rest of their lives . So you deserve it. But there is also a downside: 250,000 seniors are affected by poverty.” With the number of unreported cases, another 100,000 would probably be added.
Financially happy retirees are only one side of the coin. But the clock is ticking: the cost of living is rising rapidly and old-age provision urgently needs to be reformed. This is the only way future generations will be able to retire without financial worries.