Supplement your income during retirement
Even if your retirement age is still far away, you should spend a moment thinking about it right now. Consider what kind of a life you want to lead when retired. What will the gradual increase of retirement age mean for you? What will happen, if your working capacity or career does not last until your planned retirement age? Without actively saving for retirement, your pension may be even less than half of your present income.
Pension savings bring more freedom to your golden years
You can prepare for the future by accumulating your own savings, for example as follows:
- Complement your statutory pension and ensure a comfortable standard of living for your retirement.
- Retire at the same time as your spouse, for example.
- Use your savings for everything you had no time for during your working life, such as hobbies, travel, etc.
- Prepare for larger housing-related costs, such as a pipeline renovation.
- Acquire health care and medical care services from, for example, private service providers when necessary.
It pays to start saving for retirement in good time
By saving for retirement, you can complement your statutory pension and affect your income during the years after your career. When you start saving for retirement in good time, you can get started even with a small monthly amount and have time to accumulate considerable pension savings before retiring. When considering how much you are ready to put aside monthly to save for retirement, it’s a good idea to first check the amount of your future pension. You can do this with the pension calculator available at Työeläke.fi, for example.
When saving for retirement, the time horizon is long and for this reason, it pays to take notice also of the return on savings. One option suitable for saving for retirement is various funds. Funds invest assets in the fixed-income and stock markets. They diversify investments efficiently and provide an opportunity for a better long-term return.