Study shows Balearic Islands residents do not have a retirement plan

SIXTEEN per cent of residents in the Balearic Islands cannot afford to save an amount from their monthly income for their retirement, according to a new report.

In addition, only 34 per cent of residents have a private pension plan, although 18 per cent said they would start one at some point, according to the study conducted by online site

Specifically, half of Balearic Island residents stated that they could save up to €100 per month for a retirement plan, which translates to an annual €1,200. This saving effort would represent 5.4 per cent of the population’s average income for those aged between 35 and 44 years (€22,086).

But only 26 per cent confirm that they could spend more than €100 a month on their pensions and none of those said they could allocate more than €300 a month. Residents also considered 37 years old to be the optimal age to begin a private pension plan.

The study also reveals that six out of 10 Balearic residents do not know where to invest their money to make it grow, as 28 per cent claim not to have enough knowledge about investment procedures.

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