As reported by 24.hu, 30,000 adults pass away in Hungary before going into retirement.
According to the latest analysis by portfolio.hu, people in Hungary might have to work till the age of 70 due to the rise in life expectancy.
Since joining the European Union, life expectancy in Hungary has risen from 77 to 79 for women and from 62 to 72 for men. However, when considering that the age of retirement will be 65 in 2022, it is sensible to assume that people will not be fully healthy by that age.
The age of retirement in the European Union ranges between 62 and 67, which does not make the Hungarian figure out of the ordinary. However, some countries have higher life expectancies, meaning that the elderly in those member states enjoy a longer period of retirement.
Out of the 30,000 adults who die before retirement, 23,000 are over 50 years old. Of those who do reach the soon-to-be 65 age of retirement, 13,000-14,000 die within 5 years. Since there are no inheritance laws for pensions in Hungary, their contributions remain in the central pot.
If the retirement age is increased to 70, then based on current statistics, 43,000-44,000 people would die before they are be able to enjoy their hard-earned pensions after finishing work.
While in the last four years the number of people dying from the 50-59 age category has decreased, there was no visible improvement for people aged 60-64. In fact, there was an increase in the number of people passing away aged 65-69.
With higher life expectancy, it is economically necessary to increase the age of retirement. However, in order for it to be fair, ethical and effective, health care has to be improved as well.
Source: 24.hu, portfolio.hu