Un modelo de pensiones personalizado para Costa Rica: Ajuste dinámico del riesgo a través de fondos agresivo y conservador

The Costa Rican pension system faces significant challenges as its population ages and life expectancy increases. This paper proposes an innovative pension fund model based on individual risk that adjusts investments year by year as contributors age. The model suggests two main funds: an aggressive fund for younger individuals and a conservative fund for those nearing retirement. The model ensures an annual transition, with contributions shifting to the conservative fund starting in the second year, while maintaining the total balance adjustment after reaching the proposed threshold. The design maximizes returns for younger workers while gradually reducing risk as retirement approaches, providing a sustainable long-term solution to current pension challenges. Compared to generational funds, which group people within a 10-year range, the proposed model offers a more tailored approach, adjusting risk more precisely. This paper also compares the operational and supervisory efficiencies of the proposed model versus generational funds, highlighting its advantages in terms of cost reduction, personalization, and simplicity.