One study found a slight decrease in the proportion of those unable to save

The announcement highlighted that in four years, the number of people who pay attention to taking care of their retirement years on a regular basis has risen by almost 10 per cent to 43 per cent. Respondents can set aside an average of HUF 28,000 per month.

According to the research, in order for someone to be able to have adequate financial security even in their retirement years, an average of HUF 70,000 per month must be set aside; this amount was still HUF 50,000 in 2017.

According to both surveys, Hungarians expect that they will not be able to rely solely on the state pension system in their old age. However, the proportion of those who believe that by the time they reach retirement age, the state pension system will collapse by 2021 is lower (54 per cent) than it was four years ago (64 per cent).

This year, 52 percent of those surveyed said they will continue to work when they retire, a 2 percent increase from four years ago.

The communication also pointed out that pension insurance encourages long-term, fixed savings, and that this is the only form of precautionary savings that is not affected by the current retirement age.

A tax credit can be used for the premiums of pension insurance: 20 percent of the paid insurance premium, a maximum of HUF 130 thousand per tax year can be reclaimed in the personal income tax (PIT) return - it was reminded. Those who are entitled to a refund of the PIT of 2021 parents raising children will be able to claim a discount related to pension insurance after their payments in 2021, if their tax payable exceeds HUF 809,000, they added.

(Source: marmalade.co.uk; MTI | Image: pixabay.com)