Matveev V.A.Lobachevsky State University of Nizhny Novgorod - National Research University, Nizhny Novgorod, Russian Federation super.vma@yandex.ru
Ovcharov A.O.Lobachevsky State University of Nizhny Novgorod - National Research University, Nizhny Novgorod, Russian Federation anton19742006@yandex.ru
Importance Economic and financial volatility requires devising a new approach to managing retirement savings and implementing it into public finance management. Retirement savings constitute a strategic source of long-term investment in the national economy, being especially significant. The research examines contemporary methods for calculating insurance tariffs as part of the compulsory social insurance system. Objectives The objectives of the research include a critical analysis of the retirement savings market as supported with statistical data; evaluating the efficiency of the governmental and non-governmental reform of retirement resource management; analyzing a set of activities for improving the State's responsibility for retirement savings. Methods The article uses general scientific methods of comparison, analysis, generalization, abstraction, as well as special statistical methods for economic data processing and computing generalized indicators. Results We unveil key issues of the existing retirement savings management system, which stem from the unbalanced and inconsistent nature of the retirement system and inefficient use of retirement funds. The article indicates what role the retirement savings system should play in the public finance system. The research substantiates the need to improve the retirement savings management and suggests a new approach to managing them, and an original method for calculating the guaranteed rate of return using official statistical data and expert assessments. We review whether the retirement savings management model that implies a set of socio-economic activities is practicable. The article reflects basic components of the method and quantitative characteristics of the retirement savings management process in relation to an analysis of specific socio-economic processes. Conclusions and Relevance We conclude it is necessary to implement the new approach to the retirement savings management, increase responsibility of the State and private managing companies for safe-keeping of retirement savings, application of the improved methods for determining the guaranteed rate of return on investment of retirement funds. This set of activities should contribute to stabilizing the entire macroeconomic situation, rather than enforcing constitutional rights of people only.
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