Hopefully, after our blog of October 2020 and the calculation of your pension situation that was discussed on the first day of the 3 Days of Pension, you have gained clarity about if you are on track with your pension. If you know how high your pension is, you can better estimate whether this is enough to lead the life you would like to live. If necessary, you can take measures yourself. What can you do if you think you need more income?
Do you want to regularly put money aside for your pension? Think of an annuity insurance, bank savings account or investment account. This is in addition to your employee’s pension. You can deposit money into this product monthly or annually. Your deposit is deductible. You have to file an income tax return. On the maturity date, you must use the money to buy a retirement benefit. You will pay tax on the amount you receive when your pension has commenced.
A single premium policy is a special form of annuity insurance. With a single premium policy, you will make a one time deposit, although you can sometimes add money later. Your insurer or bank will invest this money. On your retirement date you will buy a benefit with the money.
The same tax benefits apply to a single-premium policy as to annuity insurances and bank savings accounts. Please consult an advisor before taking out a single premium policy.
You can also save or invest for your pension yourself. The advantage of this is that in principle you always have access to the money. You will pay tax on your savings and investments each year in box 3. You will pay this tax if your assets exceed a certain threshold. The threshold for singles is € 30,360 and for partners it is € 60,720. How much tax you will pay depends on the size of your assets.
If you have a mortgage that is (partly) interest-only, you can pay off more. So you reduce your housing costs when you are retired and you therefore need less income. You no longer pay interest on the amount you repay. As a result, the interest deduction that you receive on your tax return decreases.
If your home is worth more than your mortgage debt, you may want to consider selling your home. You will then have the equity at your disposal. The equity is the selling price minus the amount of the mortgage that still has to be paid. You will need this money to provide for new housing. You can also use it to supplement your retirement income. There are also constructions possible to use your equity without selling your house. Please be advised by a financial expert.
If you ultimately do not have enough income, you can (continue your) work after your retirement. This has no consequences for your other income. You will therefore not receive less pension or AOW. You pay income tax on the amount you earn. The tax rates after the retirement age for State pension are lower than for people who have not yet retired.
This notification is based on information based on the website www.wijzeringeldzaken.nl
The Heineken Pension Fund has three different bodies. We can imagine that you have questions about the tasks of these bodies and how your interests are represented by these bodies. In this blog we give you more information about this.
The first half of 2023 is over and the summer period is just around the corner. Before your well-deserved holiday starts, we would like to bring our Annual Overview 2022 to your attention. In the annual overview 2022 you will find the most important facts and figures of us, the Heineken Pension Fund, from last year. Worth a look!
The Accountability Council consists of representatives of employees, employer and pensioners. There are currently vacancies in the Accountability Body. If you want to know more about this, read our blog.
