Maximizing Your Retirement Savings: Tips for Increasing Your Pension
The Off-Budget Pension Fund, a division under the Ministry of Economy and Finance, has provided important guidance for citizens to ensure a smooth retirement process and secure higher pension amounts in the future.
In order to qualify for a pension, men must be at least 60 years old with 25 years of work experience, while women must be at least 55 years old with 20 years of work experience. Those with at least 7 years of work experience are eligible for a partial pension.
Work experience for pension eligibility includes periods of formal employment, self-employment, entrepreneurship, and even work abroad while contributing to the Pension Fund. Additionally, time spent in military service, full-time higher education, and childcare leave can also be added to the overall work experience.
To prepare for retirement and maximize pension benefits, individuals are advised to ensure that their employment is documented, request digital records of work experience from their employers, monitor their income and tax deductions, register as self-employed if necessary, stay informed about pension legislation changes, and digitize their employment information through the Department of Poverty Reduction and Employment if currently unemployed.
By digitizing employment records and staying proactive about their pension contributions and work experience, individuals can avoid potential complications during retirement and secure a higher pension amount. Stay informed and take the necessary steps to safeguard your financial future.
