In order for the pension to be higher in 2024, those who receive a pension next year must first be officially employed and receive a regular salary. Olga Daineko, an expert from the Research Institute of the Ministry of Finance of the Russian Federation and the Myfinance.rf portal, told socialbites.ca. He’s listed five more ways to boost your pension next year.
“The higher the official salary, the more pension points. When pensions are issued, they are also “converted” into rubles. As of January 1, 2024, the cost of the pension point is 133.05 rubles, the cost is indexed annually. You can earn a maximum of 10 points per year of study. In order to qualify for old-age insurance pension in 2024, at least 15 years of service and 28.2 points are required. “A gray” salary or payment “in an envelope” makes it impossible to accumulate points and, in the case of informal employment, even experience is impossible,” Daineko explained.
The second way is to “buy” additional experience and points if there are not enough of them. This can be done by entering into a voluntary relationship under compulsory pension insurance.
The third way is to retire later.
“In this case, the increase in the pension occurs due to the increased (premium) coefficient when calculating it. An alternative is to continue working after the pension has been allocated; This will increase the number of points and allow you to receive a “boost” in your pension when adjusted in the future (one year of work for a pensioner – no more than 3 points). “You need to make an individual calculation and take into account your health condition before deciding on a later retirement,” he said.
Daineko concluded that the fourth and fifth methods are the provision of non-state pensions and a long-term savings program. According to him, in the first case an additional pension is formed, and the second scheme will allow you to accumulate additional retirement assets and receive payments in the future.
In 2024, pensions will be indexed by 7.5 percent. The increase will not affect the pensions of working retirees, but after dismissal, payments will be indexed from the month following the dismissal. As of August 1, 2024, pensions of working retirees will be recalculated according to the increase in retirement points earned during the official employment period in 2023. Men over 63 and women over 58 can retire with old-age pension in 2024.
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