Portugal’s retirees work past retirement as pensions fail to cover basics
Portugal's retirees are among Europe's most likely to continue working after retirement due to financial constraints. Despite modest pensions, many struggle to make ends meet, with most receiving less than €630 a month, the official poverty line.
The financial situation of Portuguese retirees is dire. Most rely on pensions that do not exceed €500 a month. This is well below the poverty line, making it difficult for them to cover basic living expenses. The housing crisis, with soaring rents and property prices, further exacerbates their money struggles. Inflation, which has been rising, also erodes the purchasing power of their pensions. Shifting family structures, with fewer multigenerational households, mean retirees may not have the support they once did.
In response to these financial pressures, many Portuguese retirees are taking on additional jobs. While precise statistics for Portugal are not available, it is a common trend observed in many countries. These retirees, driven by necessity, are working to supplement their incomes and maintain a decent standard of living.
The financial situation of Portuguese retirees is precarious. With pensions below the poverty line, many are forced to work additional jobs to make ends meet. The housing crisis, inflation, and shifting family structures compound these money challenges. Understanding and addressing these issues is crucial for ensuring the well-being of Portugal's retirees.
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