La titulización del usufructo de los pisos de los jubilados como herramienta de política social.

One of the main problems which affect the Spanish retired people is the fact that the most part of their savings during their working life is materialized in real estate, concretely in their homes. The meagre Spanish salaries make that, despite that the pensions substitution rate is one of the highest of Europe in percentage, it means a insufficient income in most of cases to keep the workers standard of living when they go to retirement. The solution might be the monetization of the flats in which they are living till the death of both spouses, when applicable, using the financial figures of a real estate fund and the securitisation of the real estate through its transformation in a life annuity for the retired people which complements adequately the retirement pension they have.