Russians should start thinking about the size of their pension at the age of 35-40. Olga Daineko, an expert at the Research Finance Institute of the Ministry of Finance of Russia, told socialbites.ca. He listed six ways to increase your pension.
According to Daineko, insured pension consists of a fixed portion allocated by the state and the number of individual pension coefficients (IPC).
“While the employer receives a salary, it contributes to the employee’s “retirement pot”. The higher the income, the higher the contributions and the more pension points earned annually. IPC is multiplied by the coefficient value on the date of retirement. You can now get a maximum of 10 points per year. If you apply for the pension after the deadline (60 years for women and 65 years for men – socialbites.ca), the payments will be larger,” said Daineko.
The expert explained that a “delay” of, for example, 3 years would increase the fixed payment by 19% and the IPC amount by 24%.
He added that the amount of insurance coverage and the number of retirement points should be evaluated in advance. This can be done using an extract from your personal account on the government services website. If retirement is already close, but retirement points are not enough and it is not possible to complete the required, they can be purchased, Daineko said.
“Purchase means independent transfer of voluntary insurance premiums. To do this, you need to contact the Russian Social Fund branch, submit an application and transfer the necessary contributions by December 31. In this way, you can only purchase regular insurance experience. “Special experience, such as ‘the north’, cannot be bought,” he said.
The expert noted that you can only buy no more than half of the required experience (except for those who pay NAP), and this can be done not only for yourself, but also for another person.
According to him, these are the two main ways to increase your retirement.
“There are four additional options. These are a non-state pension fund, a bank deposit, an individual investment account and a real estate lease,” Daineko listed.
In order to be assigned an old-age insurance pension in 2024, the minimum insurance period will be 15 years and 28.2 retirement points.
Previously happened It is known who receives the largest pension in Russia.