A quarter of Lithuanian retirees plan to continue working

Data from a representative population survey conducted by Norstat on behalf of Citadele Bank shows that 12% of Lithuanians who reach retirement age plan to work full-time and 13% plan to work part-time . population. Compared to other Baltic countries, the number of neighbors is a little higher: 17% of them intend to work full-time. Latvian and 15 percent Estonian and incomplete – 14 percent. Latvians and 18 percent Estonians, it is written in the press release.

“A better state of health allows older people to stay longer in the labor market, but the choice to work longer than necessary is determined by different reasons. Some, who have held a highly qualified job, wish to achieve more in a known environment and put to good use the skills acquired over many years of career. Furthermore, another group includes residents who cannot leave the labor market for financial reasons, because the accumulated old-age pension cannot not cover all their needs,” explains Rūta Ežerskienė, member of the board of directors of Citadele Bank, responsible for retail banking in the Baltics.

Psychologist and psychotherapist Sonata Vizgaudienė recognizes that financial security is an important factor that encourages a person to continue working, even after retirement.

However, according to the psychologist, a significant number of seniors stay at work for social reasons: they want to feel useful and valued in society. Most often, these reasons are given by representatives of professions such as doctors, university professors and other representatives of the scientific field, business leaders, who seek to continue participating in the management of the business, at least to some extent.

The expert also notices a positive aspect: constant logical stimulation and social connections are beneficial for the psychological well-being of seniors. Research has shown that better social connections contribute to longer life expectancy and have a positive impact on physical and psychological health.

“Retirement is equated with old age, passivity and retirement. Older people seek to remain socially active as long as possible and therefore associate their professional activities with youth. It is important for seniors to be visible, important, recognized – losing all that scares them,” explains S. Vizgaudienė.

As the survey shows, 10% of them intend to stop working after retirement. In Lithuania, this answer was mainly chosen by 50-59 year olds. respondents likely to be ready to retire.

The percentage of those who have not decided whether they will work or not is also quite high: in Lithuania it reaches 24%. 27 percent of respondents indicated that they are not thinking about it yet, because retirement is still too far away for them.

According to S. Vizgaudienė, the desire to receive a pension earlier, when work is no longer obligatory, can be determined by objective reasons, for example work that does not correspond to interests and values, poor relationships within of the team, a deterioration of health, the nature of the work which requires a lot of physical and psychological resources.

“I cannot name the desire to work longer and longer as a trend, people strive more to have a quality life. If the work provides opportunities and there is a good microclimate, then work after retirement does not seem like a big challenge. However, we all want to stay in close social contact as long as possible, be active and maintain our current standard of living,” explains the psychologist.

The survey representative of the population was carried out by the research agency Norstat in September 2023 on behalf of Banque Citadele. At least 1,000 respondents in Lithuania, Latvia and Estonia were surveyed.

Source: The Delfi

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