Getting ready for retirement

The better you prepare for retiring, the more you will enjoy the fruits of your labour and the extra time you have – and new hobbies, for example.

  • Most important aspects in the preparation

    Most important aspects in the preparation

    Most important aspects in the preparation

    1. Decide when you want to retire
    2. Think about how you want to spend your retirement
    3. Find out your accrued pension and how you will cope financially after retiring
    4. Prepare a personal plan with us for your retirement

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  • 1. When will I retire?

    1. When will I retire?

    For most, the answer is increasingly later. At the moment, the general retirement age is 63 years. The pension reform of 2017 gradually increases the general retirement age to 65 years. Younger generations will reach their retirement age even later. However, you are allowed to work even after your general retirement age, which will accrue more pension for you.

    Find your own retirement age: Työeläke.fi

  • 2. How do you want to spend your time during retirement?

    2. How do you want to spend your time during retirement?

    You may have an idea of how your retirement should look. You may be thinking about how you would like to live, how much you would like to travel and what the lifestyle you strive for is. Planning and considering these issues is important. It is advisable to ensure in advance that, after the basic expenses, compulsory costs and increasingly higher health expenses, you will still have sufficient income to enable the life and care you want.

  • 3. How will I cope financially after retiring?

    3. How will I cope financially after retiring?

    During retirement, your income level usually drops to a half of the income from salary, which is why you should sort out the financials regarding your retirement sufficiently in advance – not least because retirement, the so-called third life, can be rewarding and long.

    You can check the työeläke.fi service to see your own employment pension forecast.

    If the estimated pension seems low, it is advisable that you take action to secure the income level you want. The earlier you start, the easier it is. It is never too late to start.

    Take a look at the estimate of your statutory pension and how you could reach the target do you desire: Pension calculator (in Finnish).

    We recommend that you set your goal so that, savings and statutory pension combined, you reach an income level of 80 % compared to your previous salary from working life.

  • 4. Create a plan for retirement that looks like you

    4. Create a plan for retirement that looks like you

    To increase the income level during retirement, you can make use of all of your assets — savings, own home, investment flat or forest property. Few of us know all the possible options available during retirement. When you create a plan for retirement with us, we can together look for options suitable for you.

    Book an appointment with a specialist

    Long time until retirement:
    Do yourself a favour and start saving in time. It may be that you can sort out everything with a saved amount of just a few dozen euros a month.

    Short time until retirement, I have not yet started preparing:
    Find out your statutory pension and use our pension calculator to find out how much additional income you would need during retirement on top of the statutory pension. You will also receive advice on how to sort out your matters in an optimal way.

    Short time until retirement, I have already started preparing:
    Use our calculator to check if your funds are sufficient and that the plan and reality meet. Based on the information you provide, we will tell you how you could attempt to sort out your finances for retirement.

    Learn more: Pension calculator (in Finnish)

  • 5. Is my own home not enough security for retirement?

    5. Is my own home not enough security for retirement?

    The traditional thinking is that one’s own home is the security for retirement. In recent years, the price differences for homes have grown between different localities. In growth centres, homes often keep their value very well but, nevertheless, we do not recommend that you base the security of your retirement solely on your home.

    During the working life, home credit will make your economy more flexible, but we think that, in addition to the home loan, it is advisable to prepare for surprising life moments with other savings, which are easier to make available when needed.

    You can also make use of the value of the home using a loan where the home is the security, making funds available to you without having to sell the home.

  • 6. Allow your pension savings to grow

    6. Allow your pension savings to grow

    When you start preparing for your retirement sufficiently in advance, time is on your side. To secure a certain income level, you do have to make a significant decision — you have to start saving in a way suitable for you. In the long run, it is often profitable to seek better yield, even if the risk of value fluctuation and loss is higher.

    With regular saving, you can distribute the risk of investing your savings only at the worst time. Because an essential part of successful saving is a long time span, it is important to invest in such a way that you make it possible to reach your goal and can live with your investment with peace of mind through different market situations.