Perhaps you’re looking forward to having more free time and taking things a bit easier. If so, there comes a time when you start making choices to change the course of your life.
You can choose to take early retirement. You can do so up to 10 years before you reach state pension age. This may suit your personal circumstances well. But it also has implications for your income – both now and in the future.
Are you going to take early retirement? In that case:
Your situation is personal. So are your choices. Consider, for example, the following issues:
Always consider your overall situation. Consider the impact on your income if you choose to take early retirement. This way you choose what suits you.
You are not yet receiving a state pension and are building up less pension. You will also receive a pension for a longer period. As a result, your monthly pension will be lower. This lower pension will remain so for the rest of your life.
What is your partner’s income? Think about whether you and your partner will be able to make ends meet in the future. You should also bear in mind what arrangements have been made for your partner should you pass away. When you retire, you can choose how to divide your pension between yourself and your partner. Do you have an ex-partner? In that case, part of your pension may already have been divided.
Once you retire, your expenditure often changes too. The expenses you used to incur for your work are no longer an issue, and you spend your free time doing other things. Your fixed costs and personal expenses may also change. Think about how much money you’ll need in the future and what you want to spend it on. The Nibud Pensioenschijf-van-vijf can help with this.
Retiring early may affect your tax liability and allowances. This is certainly the case if, in addition to your pension, you have other sources of income, such as a salary. It is therefore advisable to consider in advance what this means for your situation. You can find more information on the website of the Dutch Tax and Customs Administration.
You can combine several pension options. In the pension planner, you can see what this means for your pension.
Have you applied for your pension? We will then calculate your pension based on the choices you have made. You will receive confirmation with the exact amounts within 3 weeks.
You apply for your pension yourself. You can do this in My Koopvaardij. In the step-by-step guide to applying for a pension , you can find out how to apply for your pension. Apply for your pension no later than 2 months before you wish it to commence.
Do you have a partner? If so, bear in mind that he or she will also need to sign your pension application (digitally or otherwise).
Remember: once your pension commences, your choices are final. You will therefore no longer be able to change these choices.
What happens if you do not apply for early retirement? In that case, your pension will not start at an earlier date. If you apply later, you will receive your pension later too.
You will receive a message from us 6 months before your state pension age inviting you to apply for your pension. Apply for your pension no later than 2 months before you wish it to commence.
What does this choice mean for your pension? Calculate it using the pension planner.
Calculate it now!
Do you have any questions or would you like more information? If so, contact us.
