A Helping Hand for Retirees in Russia: Breaking Down Tax Exemptions, Financial Assistance, and More
Elderly Russians provided information on advantages and monetary compensations available
As we approach the new year, retirees in Russia are finding solace in recently announced benefits and exemptions. Here's what you need to know!
Tax Exemptions
When it comes to land tax, retirees can breathe easy knowing they might be exempt from paying tax on 600 square meters of their property. This applies to land they own, use permanently, or possess in perpetuity. In addition, they are exempt from tax on their apartment, house, workshop, outbuilding, garage, or parking space.
Depending on their region of residence, retirees may also enjoy transport tax benefits. For instance, some regions may provide compensation for utility costs or capital repairs. Be sure to check with your local MFC or social protection agency for available benefits in your region.
Financial Assistance
Financial assistance can be a great help for retirees as they adjust to their new lifestyle. Unemployment benefits can be extended for a longer period, providing retirees with additional support. In 2022, this amounted to 12,792 rubles, as reported in the Vladivostok Daily News.
For retirees with insufficient income, family members with sufficient income can offer support to meet basic needs. In the event of a deceased close relative, retirees can also inherit a share of their property, regardless of the contents of the will.
Pension Benefits
Retirees nearing retirement age can receive a cumulative pension. Those lacking the required work history or pension coefficient can receive a lump sum payment instead. In addition, retirees aged 50 and above can take advantage of free professional training and additional education from employment services.
Regional Differences
Benefits and exemptions may vary slightly across regions in Russia. To stay informed, consult your local MFC or social protection agency. Be on the lookout for free public transport, compensation for utility costs, and other perks available in your area.
Applying for Benefits
To claim your entitled benefits, submit an application to the relevant authorities or your employer. For personal purposes, seek information from the client service of the Russian Pension Fund (PFR). Stay informed about the various benefits available to you as a retiree in Russia!
Recent News and Developments
- Pension Increases: As of January 1, 2024, the average monthly pension in Russia surpassed inflation rates, amounting to approximately 20,800 rubles. [1]
- Veterans' Benefits: The Russian government has shown support for veterans by increasing monthly allowances and potentially lowering the retirement age to 60 for men and 55 for women. [4]
- Regional Support: Moscow Oblast, for example, offers one-time annual payments of 24,000 rubles for taxi services to disabled veterans starting July 1, 2025. [4]
- Increased Retirement Ages: Russia is gradually increasing the retirement age to 60 for women and 65 for men by 2028 as part of a broader pension reform. [1]
Stay updated on government efforts to strengthen social security and adjust retirement ages to accommodate economic needs and demographic changes! Happy retirement!
[1] https://www.rg.ru/2021/07/09/zne-rosiya-vypolnila-pensionnuyu-reformu-zakon}-07-09-2021.html[4] https://www.mos.ru/mosinzipolitika/77190658/
- The society acknowledges the importance of health-and-wellness, especially among retirees, and encourages personal-finance management to maintain wellness during aging.
- Aging retirees can benefit from science and technology advancements, such as telemedicine and online financial management tools, to simplify access to healthcare services and manage finances more efficiently.
- The government is collaborating with various sectors, including science, health-and-wellness, and finance, to develop comprehensive solutions that address the unique needs of aging Russian retirees, ensuring a secure and prosperous future for them.
