The public pension will be the only income for six out of ten babyboomers

57% of

, those born in Spain

and who are on the verge of retirement, confess that

when they retire will be the

, hence the existing fear of suffering cuts in the benefit.

This is clear from the tenth

, presented this Wednesday by the entity, which is based on the result of 3,391 interviews carried out in the country between September 16 and October 7 of this year, when I knew that the Minister of Social Security,

was considering making a cut in the pension of the babyboom generation or proposing that they retire later.

This proposal was finally rejected and, to replace it and be able to guarantee more income for the Social Security system, the Government has finally chosen to

According to BBVA's results, more than half of those surveyed then confessed that they

prepared for their retirement, hence the public pension will be their only income when the moment of retirement arrives.

42% do have savings, but doubt if it will be enough to cover their needs;

while

for retirement.

Of those privileged few who do have savings, most have channeled it through

, whose tax incentives have now been cut in favor of occupational pension plans.

Some also have housing income (rentals for owned homes).

In fact, two out of three interviewees believe that the amount that can be contributed with the right to personal

2,000 euros in 2021, is "scarce".

That amount in 2022 will drop to 1,500 euros, according to the General State Budget project.

Given the lack of income for that period,

of babyboomers are willing to

.

This can be useful through instruments such as the reverse mortgage.

Only 50% would pay more taxes

This generation is particularly concerned about the system's ability to pay pensions, but

would be willing to

in order to finance the system.

Although half are not willing to contribute more, they do think that pensions should be revalued annually (88% believe so).

Although

pay-as-you-go and that implies that the contributions of one generation are used to pay the pensions of the previous generation, those surveyed by BBVA believe that each one should

73%

maintain that "there should be

common

for all pensioners, but from that minimum, that

to Social Security."

14% even go so far as to say that "each pensioner should receive a pension strictly based on what he has contributed."

Only 13% defend that there should be a

for all workers, regardless of what is paid.

It is curious, however, that despite the fact that the majority of Spaniards receive much more pension than what would correspond to them due to what is strictly paid - given that life expectancy is much higher than the retirement age -,

the opposite happens:

Regarding the possibility of

age - the legal age will be set at 67 years in 2027 -

in exchange for financial compensation.

On average, babyboomers

According to the criteria of The Trust Project

Know more

• Social Security

• Spain

• Jose Luis Escrivá

• Personal income tax

• State's general budgets

• Pensions

• economy

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