Personal pension plan
- You can retire up to five years before your official retirement age.
- Your pension will be lower when you choose to retire early. Postponing your retirement means an increase in the received pension amount.
- You must have gathered a longer pension qualifying period to be able to retire earlier.
- In the future, you can take out your pension partially, or even halt the pension payments.
- The Estonian pension system stands on three pillars.
- Pillars I and II are state pension, and pillar III the supplementary private pension.
- Starting from 2021, the formula for calculating the I pillar will change.
- Persons born during 1970-1982 can join the II pillar again, should they wish.
- The state shall temporarily suspend 2nd pension pillar contributions during the period 1 July 2020 – 31 August 2021
Changing retirement age
- In 2016, the retirement age was 63 years; starting from 2026, it will rise to 65 years.
- From 2027 onwards, the retirement age shall depend on the average life expectancy.
- We have prepared a calculator where you can see your retirement age and future pension amount.
Age is an asset
Working is useful at any age.
- Each euro of social tax that is paid for you will increase your future pension amount.
- Postponed pension will increase your future pension amount.
- Experience and skills gathered during one’s lifetime is an invaluable asset.