The silver standard: Russians estimate the cost of benefits needed in retirement at 55 thousand rubles per month

Over 90% of Russians believe that pensioners should have their own homes, access to quality healthcare and cultural property, good nutrition, and modern appliances, according to a SberNPF survey held in Russian cities with a population over 500,000. Respondents estimated the income required to provide these benefits at RUB 55,500 per month on average nationwide - almost RUB 10,000 more than last year.

The range of benefits without which Russians cannot imagine a decent life in retirement is a form of consumption standard that people strive for in old age. SberNPF considers quality (including paid) healthcare (96%), having your own apartment or house (94%), modern appliances (93%), nutritious food not only at home but also at cafes or restaurants (91%), as well as free access to cultural property (91%) and sports or hobbies (90%) to be priorities for this standard.

Russians consider other benefits less important for pensioners. The study revealed that 82% of respondents need to be able to travel Russia and the world, while 69% require their own car. Respondents are even less interested in leisure time, equipment for hobbies, and help around the house, with only 28%, 26%, and 20% of Russians mentioning these options, respectively.

Access to basic benefits in retirement is more important to women than to men. Ninety-seven percent of Russian women and 93% of Russian men believe that quality healthcare is a requirement, while 95% and 91% think it is important to have your own apartment, respectively, and 95% and 88% consider modern household appliances necessary, respectively. Interestingly, preferences are not strongly dependent on the age of the respondents: the range of basic benefits is virtually the same across all groups.

Priorities differ slightly depending on the respondents' regions of residence: e.g., residents of Tolyatti, Ulyanovsk, Yaroslavl, Khabarovsk, Astrakhan, and Lipetsk prioritize having their own housing over quality healthcare. For Russians living in Barnaul, Izhevsk, Makhachkala, Orenburg, Kemerovo, Penza, and Naberezhnye Chelny, these two benefits are of equal value.

Russians believe that in order to meet full consumption standards in retirement, they will require an income of RUB 55,500 per month on average nationwide. A year ago, respondents in a similar study by SberNPF referred to RUB 45,600 per month. It is worth noting that men now claim to require RUB 60,000 per month to live a decent life upon ending their career, while women require RUB 51,000. Young people under 30 would also like a retirement income of RUB 60,000 per month, while people who have already retired (60+) believe RUB 33,000 per month is enough for them.

The highest median income in retirement was mentioned by residents of Moscow (RUB 83,900 per month), St. Petersburg (RUB 77,400), Khabarovsk (RUB 74,600), Vladivostok (RUB 73,800), Tyumen (RUB 68,800), Krasnoyarsk (RUB 66,300), Irkutsk (RUB 62,900), Makhachkala (RUB 61,800), Chelyabinsk (RUB 59,200), and Krasnodar (RUB 59,000).

Residents of Astrakhan (RUB 42,100 per month), Penza (RUB 42,900), Saratov (RUB 49,100), Naberezhnye Chelny (RUB 45,300), Orenburg (RUB 47,000), Barnaul (RUB 47,600), Volgograd (RUB 47,800), Ryazan (RUB 48,800), Yaroslavl (RUB 48,200), Izhevsk (RUB 48,500), Lipetsk and Saratov (RUB 49,100), and Nizhny Novgorod (RUB 49,400) evaluated their set of retirement benefits to be lower than the national average.

Alexander Zaretsky, CEO, SberNPF:

"The study showed that, in addition to basic needs including housing, food, and medical assistance, Russians also consider it necessary to have enough of their own savings to resolve a variety of situations in retirement. This opinion was voiced by 87% of respondents on average across the country. The Pension Showcase service, which can be found in the SberBank Online mobile application under Pension and SberNPF Services in the Pensions section, will help clients prepare for retirement. The service shows how much work experience you have already accumulated and the pension you would receive if you retired today in an accessible fashion. You can also activate an individual pension plan, a long-term savings instrument, in the mobile application."