Russian MPs: Citizens must save for pensions
Russians should start personally saving for retirement between the ages of 35 and 40 because the state cannot guarantee adequate payments, a Moscow regional parliament member has said.
Surveys, however, show most citizens believe 50,000 rubles is an acceptable pension, with one in three wanting 50,000 to 100,000 rubles, The Moscow Times reports.
The average pension, however, is just 23,448 rubles as of 1 April 2025, according to Russia's Social Fund. The difference between expectations and actual payments is significant, Mr Nikitin told Gazeta.ru.
He stressed that personal savings are currently the only way to supplement monthly income. With the central bank's key interest rate at 18%, yields on deposits, bonds and property can reach 15-19% a year. He added that to receive an additional 25,000 rubles a month in retirement income, an individual would need at least 2 million rubles – a 15% yield would ensure the desired result.
The parliamentarian, however, admitted that such income from deposits would not be possible if the key interest rate were to fall. Mr Nikitin has therefore advised Russians to save through the Long-Term Savings Programme (PDS), which President Vladimir Putin had previously urged citizens to promote.
Another parliament member, Irina Rodnina, had previously said many Russians "had not done enough for the state" to receive a pension. "You can't always rely on others; it's time to become independent," she said, adding that Russia has "sufficient facilities and support" for the elderly.
Translation by Iurie Tataru
