Do we have a plan? How accumulative systems in the world are arranged and what could the Russian

Discussion of pension problems often disconnects people. To make it different, they should be united by some new positive idea. For example, together to learn how to manage your financial well -being, to ensure that the pension received after the completion of labor is 70–100% of the previous earnings. People may have different strategies. Someone wants to participate in the Fire (Financial Independence, Retire Early), uniting those who seek retirement in the prime of their work. Someone considers it reasonable to work until the very end. Still others will prefer to retire when it is supposed, but without a sharp decrease in their life standards.

Back in 1985, the great economist Franco Modigliani received the Nobel Prize for Economics for the Life Cycle theory, explaining how to manage personal finances in order to prevent a decrease in life standards. But we are in Russia today - with all the possibilities of a new economy, fintech, financial engineering, etc. - We continue to strive to achieve a guideline delivered by Convention No. 102 of the International Labor Organization of June 28, 1952, so that the old age pension is at least 40% of the lost earnings. Russia ratified the convention only in 2018 and joined it from January 1, 2019. This goal - 40% - is certainly good, but it can hardly unite society. Maybe you should think about alternatives?

Once in our country, the social insurance system tried to solve ambitious problems. With sincere enthusiasm, citizens of the USSR met the emergence of a law on state pensions of 1956. His project for discussion was published in Pravda on a significant date - May 9. In his report at a meeting of the Supreme Soviet of the USSR, the then chairman of the government, Nikolai Bulganin, solemnly stated that “under the new law, workers and employees when retiring, as a rule, will receive pensions in the amount of 50 to 100 percent of their previous wages” (Pravda, July 12, 1956). Alas, in 2020, the ratio between the average size of old -age and wage pensions in Russia was 29.3%, since 2015 it has been declining.

Complex times for decisive actions

It is possible to adjust the increasingly reducing orbit of our “pension satellite” only on the basis of the potential of all three engines of the pension system - state insurance, corporate and individual pensions. But is there any chance of today's Russia to create attractive corporate and individual pension plans for the masses?

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