Retirement Financial Planning
You have worked hard for a lifetime and now is the time to enjoy your retirement years with dignity and calmness. To reward yourself with a quiet retirement life, you need to start planning the financing today.
In the European Union (EU), the aging levels of the population are constantly increasing. Currently, there is one pensioner for every four working-age citizens (15-64 years old). Cyprus is no exception. In the coming decades, low birth rates and rising life expectancy will drastically change the demographic distribution in most countries. According to Eurostat, by 2060 there will be two people aged 15-64 for each person over the age of 65. This demographic change is expected to have a detrimental effect on fiscal policy, including the design of pension funds, as well as savings rates.
In Cyprus, according to 2014/2015 statistics, the poverty rate for people over 65 was 22.4%, one of the highest in the EU. Given the economic impact of Covid 19 in the coming years, proper planning is required annual retirement income to ensure a satisfactory standard of living.