Saving for a pension

Save for a pension – and you’ll have more to live off in the future.

What do you need to think about before you start saving?

Your pension is the money you will live on in the future. The National Insurance Scheme contributes one part, the employer contributes one part and you need to save the rest yourself. There are many ways to save for your pension. You need to find the way that suits you best. Things to bear in mind:

How long are you going to save for?
How many shares and fixed-income securities are you comfortable having in your savings?
How much are able to set aside per month?
Do you want to tie up your savings until you retire?

What is the best way to save for a pension?

The best pension savings scheme is the one that gives you the opportunity to reach the amount you need for a long life as a pensioner. If you’re going to save for longer than 6-7 years, you should choose equity funds or pension insurance. This will probably give you the biggest possible pension.

Start saving for a pension now

The most important step when saving for a pension is getting started! Start saving for a pension now and you’ll have more to live off in the future

Which steps should I take?

Once you have a savings buffer account and BSU home savings scheme in place, you can consider starting to save for a pension. Even if you only save one hundred kroner a month, it’s much better than nothing. The most important thing is that you get started on saving for your pension early.

The pension that the employer saves for you is often placed in a pension profile that can consist of shares and fixed-income securities Since you will not be retiring for many years, you can choose a pension profile with a lot of shares.

The important thing is that you stick to your strategy, both in terms of your pension profile and your monthly savings, even if there is anxiety in the equity market. This is when you have the opportunity to get a return on your money that is saved for your pension, and it can give you a good return over time.

Many people are eventually able to put a little more into their savings during this phase of their lives. Start by getting an overview of how much you get in your pension. The children are growing up, and the home mortgage may have started to shrink a little. The earlier you start saving for a pension, the less you need to set aside. Remember that it is better to start with a low amount than to not start at all.

Retirement is still a long way off, so it’s a good idea to invest most of your pension savings in shares. You may then be able to get a better return on your money, even if the values fluctuate along the way. Remember to stick to your plan, and continue to save even when there’s anxiety in the stock market. This way you’ll get the best return on your money in the long run.

Ask your employer how much has been aside for pension savings for you, and whether you can make your own choices in the pension scheme. If you change jobs, you should remember to check the pension scheme. The differences are significant and if you get a smaller pension, you should be compensated with a higher salary.

Pension savings are now starting to become important, and if you haven’t started, you should start saving for a pension now. You should investigate how much you will receive as a pension. If you want to retire early, you need to start looking at how this will affect your overall pension in the years to come. Many people see that they have to increase their savings substantially in order to afford to retire early.

Get a complete overview of the pension scheme from your employer. In this phase you have the opportunity to adjust your savings to ensure your retirement is the way you want it. If you’re changing jobs, it’s especially important to make a thorough assessment of the pension schemes. If you come off worse, you should make sure you are compensated for this with a higher salary. If you get a higher salary due to a smaller pension scheme, you must remember to set aside more money for your own pension savings.

Many couples want to retire at the same time, even if they’re not the same age. If you’d like to retire at the same time, it’s especially important to see how this will affect your finances.

Look at your savings schemes to see if you’re on the right path based on the retirement age you’re planning. If you need to make changes in order to get a lower proportion of equities, see whether you need to adjust this yourself or whether it happens automatically.

You should now have formed a clear picture of what your finances will be like as a pensioner. Many people choose to transition gradually towards the end of their professional career, and you should look at how this would affect your pension. Retiring with a pension before 67 years of age gives you lower pension entitlements in both the National Insurance Scheme and the pension from your employer. In addition, if you draw your retirement pension early, you will receive a lower annual retirement pension as the payments are distributed over several years.

If you’re thinking of retiring before you turn 67, we hope you’ve already planned this well. Remember that you must have earned a large enough pension in the National Insurance Scheme in order to be able to leave before the age of 67. It is also important that you check whether you are entitled to a contractual early retirement pension. If you are unsure, you can check this with the NAV.

One you have reached the age of 62, you can draw a full or partial pension. You can therefore choose to draw a pension while continuing to work. If you choose to combine work and pension, this can affect the tax on your pension income. Find out the tax rules and what your finances will look like if you combine working and a pension.

You can now consider reducing the proportion of your pension savings invested in shares for both your private scheme and your defined-contribution pension, if you have one through your employer. Check whether this can be done gradually and automatically or if it is something you have to do yourself.

Saving for a pension in mutual funds

There are many ways to save for a pension, and saving in mutual funds is one option. You don’t receive any tax assets on your savings, but you have the flexibility of withdrawing the money when you want to.

Tied-up pension savings in an individual pension savings (IPS) account

There are many ways to save for your pension. Saving in mutual funds in an individual pension savings (IPS) with a tax deferment is perhaps the best known. Here the money is tied up, and you can start disbursements when you reach the age of 62.

The advantage of IPS (individual pension savings) is that you get deferred taxes.

Learn about IPS (Individual pension savings (IPS))

Have you influenced your pension?

Everyone who has a defined-contribution pension at DNB is the manager of their own pension. It can therefore be a good idea to know where the money is invested – it can make a big difference to your pension disbursements.

The Spare app

Download the savings app Spare and within a couple of minutes, you’ll already be on your way to saving for a pension.

Download Spare

Historical returns are no guarantee of future returns. Future returns will depend, among other things, on market movements, the skill of the Portfolio Manager, the fund’s risk level, as well as administration costs. The return may also be negative as a result of mark-to-market losses.

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