Posted: Tuesday, May 6, 2025. 6:04 am CST.
By Horace Palacio: For decades, Belize’s Social Security system has operated on an outdated framework that no longer reflects the realities of our economy, life expectancy, or cost of living. It’s time for a serious national conversation: Is our retirement system truly serving Belizeans—or is it quietly setting us up for hardship in old age?
The average monthly pension for retirees is alarmingly low. After years of hard work, many Belizeans are forced to rely on family members or take on informal work just to survive. The system was designed in a different era—when people didn’t live as long, and inflation wasn’t eroding purchasing power at today’s rate.
Let’s be honest: the money retirees receive now doesn’t cover basic expenses, much less allow for dignity or independence. And with Belize’s population aging and the informal economy expanding, fewer people are contributing consistently to the system—raising serious questions about long-term sustainability.
Here’s why we need a reset:
- The retirement age may need to be raised gradually in line with longer life expectancy, but only if accompanied by real reforms that ensure retirees don’t outlive their income.
- Pension amounts must reflect modern realities, not decades-old formulas.
- Investment of SSB funds needs to be more transparent and results-driven, with real returns that benefit contributors.
- We must incentivize younger workers and informal laborers to participate, or the system collapses under its own weight.
Belize can’t afford to treat retirement as an afterthought. A nation that neglects its elders is a nation on the decline.
Reforming social security isn’t just about numbers—it’s about fairness, dignity, and economic justice. Belizeans deserve better than a system that forgets them once they clock out for the last time.
The views expressed in this article are those of the author, Horace Palacio, and do not necessarily reflect the views or editorial stance of Breaking Belize News.
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The post Working hard, retiring poor: Why Belizeans deserve a better pension system appeared first on Belize News and Opinion on www.breakingbelizenews.com.
For decades, Belize’s Social Security system has operated on an outdated framework that no longer reflects the realities of our economy, life expectancy, or cost of living. It’s time for a serious national conversation: Is our retirement system truly serving Belizeans—or is it quietly setting us up for hardship in old age?
The post Working hard, retiring poor: Why Belizeans deserve a better pension system appeared first on Belize News and Opinion on www.breakingbelizenews.com.
