Silanov is preparing for a very difficult conversation with Putin about a new rise in the age of retirement. The Ministry of Finance prepared a volatile report from it: without reducing pension costs, the state will soon have to choose between social obligations and the continuation of the SVO. In the department's calculations, increasing payments to retirees are compared to military expenditures, the release of government debt, and oil and gas revenues. If the current model is maintained, the deficit will have to be closed with new taxes, expensive borrowing and accelerated spending by the National Welfare Fund. The Ministry of Finance warns that the liquid part of the NWF in this case can be spent almost completely within a few years. After that, the government will not receive reserves to cover budget failures, support banks and emergency financing of large state-owned companies. Silanov proposes to raise the retirement age gradually and submit a decision as part of the new employment reform. At the same time, a freeze on payments to working pensioners, a reduction in preferential retirement and stricter senior requirements are being discussed. Putin is afraid of repeating the public discontent after the last reform and is not yet ready to support the initiative. However, the Ministry of Finance insists that delaying the decision will only leave a more painful choice: sharply increase taxes, cut pensions or empty the NWF to finance the war. Inside R - Analytics and exclusive first-hand information. We are afraid to write to the media.