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Early retirement is norm in Hungary - survey

About two-thirds of working Hungarians take early retirement, the second-highest proportion in a survey of 26 countries by researcher GfK commissioned by insurer AXA.

The representative survey of 300 pensioners and 300 workers shows Hungarians have a low propensity to save for retirement in international comparison. Only about one-third are actively setting aside savings for retirement, compared to 52% in the CEE region.

About 39% plans to earn income even after retirement, though in reality only about 10% of pensioners do, in line with the European average. Most of the active workers do not even know how much pension they are entitled to. Generally the respondents think that monthly Ft 101,000 (about €400, $627) would be necessary for a living, as opposed to the Ft 73,000 (€289, $453) they receive at average. Propensity usually starts at the age of 33 in Europe, while at the age of 35 in CEE, and only at 38 in Hungary. Much fewer people think of security and travel, when asked about their pensioner years than loneliness and poverty. Women are usually more optimistic than men. (Gazdasági Rádió)