Will the pension you have saved so far match your future plans? If no, then do not wait and take immediate action to improve the situation.
- Keep track of your expenses for a month and evaluate with the help of a good friend whether you could cancel any expenses or reduce them.
- Review you electricity, mobile, internet, and insurance plans and ask the service providers for more favourable ones. You can often find cheaper solutions if the whole family uses the services of one service provider.
- Remember how you coped with a lower income before you started earning more. Think about what expenses have found their way into your life and whether they are really necessary?
- Save a larger part of your wage increase, tax refund, etc. for your future self.
All permanent savings entail a double win: more money for the future and lower expenses for the rest of your life.
Working is beneficial at any age
Every euro of social tax paid on your wages will increase your future pension.
Working is beneficial after retirement
Working after retirement is useful for you, as the social tax paid by the employer increases your pension. The Estonian National Social Insurance Board takes into account the time employed as of 1 April each year and increases your pension. Read more about the recalculation of the pension and the simultaneous indexation of pensions.
It is not required to notify the Estonian National Social Insurance Board of your employment or termination of employment, unless you have been granted an early retirement pension under the former system and you have not yet reached your retirement age. In this case, please notify the Estonian National Social Insurance Board of your employment by sending an email to firstname.lastname@example.org.