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Brazil's Youth Still Expects to Retire before Turning 60

03/19/2018 - 11h51

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ANA ESTELA DE SOUSA PINTO
FROM SÃO PAULO

Regardless of the ongoing debate on whether to raise the retirement age, Brazilians who are in between the ages of 16 to 24 years old still expect to retire at an average age of 59.8.

At least that's what research conducted by the Datafolha Institute revealed in terms of the expectations that Brazilians in different age groups have.

However, if a bill in Congress on the matter is approved - a bill that will only be put to a vote when the next administration gets voted in - then such expectations held by Brazil's youth will become impractical.

The bill in question would raise the minimum retirement age to 62 for women and 65 for men over the next 20 years.

Part of the discrepancy has to do with a lack of information that Brazil's youth has concerning the current Social Security crisis.

An Ibope survey that was conducted at the request of the executive branch demonstrated that, up until December of 2017, 41% of the population was unaware of the changes that the government had proposed in late 2016 regarding retirement legislation.

Postponement of the vote until the next administration takes office may end up helping pension reform advocates make their case: by then, the polarized political climate that currently exists will most likely have subsided.

Among the population as a whole, Brazilians who have not yet retired expect to do so upon turning, on average, 60.8 years old – workers who are 60 or older expect to retire upon turning 63.7 years old.

More than one-third of the elderly who are still in the workforce (36%) are still not sure when they will be able to retire, while 31% expect to stop working before they turn 65 years old.

Translated by THOMAS MATHEWSON

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