– The young can look forward to a proper Blåmandag says pension economist Knut Animal Haug in Storebrand.
– If only to “chill” on office excel sheet it is the no stress work until the 70, says Herman Horn (20).
He goes preliminary course for engineering at Oslo University College and preparing for math lecture along with classmates Vilde Hetzel (20), Daniel Dysjeland (21) and Tova Maalen (20).
In a survey by the Research Council there are the youngest state that they will work the shortest. They between 15 and 39 years report that they only want to work until they are 65 years, while those between 40 and 59 envisage working until they are 70.
At the same time a nationwide survey conducted by Proffice in November 2014, that one in four young people under 35 years is looking forward to retirement.
Students at Oslo University College has some years on before going out in the workplace and have not thought of when it may be necessary to retire.
– We might look at the 60 years which is very old and far into the future. It is difficult to imagine how life is about 40 years, said Dysjeland.
Attitudes can be changed
Research conducted the survey to gain insight into how people perceive the upcoming aging population. They were surprised that the youngest age groups in the study were those who wanted to go earlier retirement.
Director Hallén Research Council think there are several reasons behind this desire.
– Many people who have physically demanding occupations will probably want to go earlier than those who have a more flexible workday, he said.
Hallén think the issue will receive increased attention in the coming years, and that perceptions will change themselves as the current 20-year-olds get older.
Extended life expectancy
– In the current system there is a far greater extent up to you how your pension will look like, says Haug Storebrand.
He thinks young people’s attitudes to retirement is puzzling.
– The average life expectancy in Norway has increased by five years since 1990. Then there is also natural that we must work longer to pay the increased pension bill, says Haug.
The pension reform in response to this challenge is the so-called age adjustment. In brief, it means that your total pension from the National Insurance distributed your expected remaining life years from the year you start to take out a pension. You stand longer in the job, you get paid in the form of higher pension.
Several years extra
Increased life expectancy means that a person who is born in 1980 can expect to work about 3.5 years longer than a person who is retiring this year, to get a similar proportion of their salary in a pension that he who retires today. Life expectancy for the same person increases by about four years.
A very small part of the student Herman Horns increased life expectancy can thus be used for recreation without causing economic consequences, unless he starts saving early.
An example: A 35-year-old who saves 500 per month can look forward to an additional annual payment of 17,000 kroner for the first 15 years in retirement. A 50-year-old who saves the same amount will increase their pension with 7800 million for the first 15 years.
– We recommend that you start saving for retirement when you have filled up the BSU account. In practice this means that the pension savings for most should start in mid thirties, says Haug.
The pension level depends on the salary, how long you are employed and what kind of plan you have. An example is public sector employees, where an employee who is 35 years old today can expect about 54 percent of his salary if he wants to retire when he is 67. Until now, public employees with full pension received 66 percent of his salary.
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