Attention, Calculate Your Salaries Now for Up to 35% More in Retirement – Latest News
Is it better to retire in 2024 or 2025? This is a question many people approaching retirement age may be asking themselves. Social Security Counselor Emin Yılmaz recently shed some light on this topic in a CNN Türk broadcast, explaining the intricacies of pension calculations in Turkey.
Yılmaz emphasized that in Turkey, the pension calculation methods for Bağkur, SSK, and Emekli Sandığı (Retirement Fund) were merged under the name of SGK in 2008, but each institution still has its own unique approach to determining pension amounts.
When calculating pensions, several factors come into play, including an individual’s insurance days, age, premiums paid, monthly installment rates, Consumer Price Index (CPI), and the country’s development rate. These factors are taken into consideration separately for each institution over different time periods.
For retirees in 2024, the update coefficient corresponds to 86.16 percent, meaning that previous earnings are increased by this percentage based on the CPI and development rate. In comparison, retirees in 2025 will see a lower update coefficient of 42.5 percent, making it slightly less advantageous to retire in that year.
Overall, based on Yılmaz’s analysis, it seems that retiring in 2024 would be more favorable due to the higher update coefficient. As individuals approach retirement age, careful consideration of these factors can help them make informed decisions about their financial future.
