European Insurance and Occupational Pensions Authority
Planning for retirement
Have you started planning for your retirement?
There are many misconceptions around pensions.
Greater awareness and understanding of pensions and savings is an important factor in closing the pensions gaps.
Plan your pension. Plan your future.
Facts and figures about pensions
The pensions savings gap in Europe is a huge protection gap, with more risk associated to it than with natural catastrophe insurance.
1 in 5
in the EU are at risk of poverty in old age
believe that they would have enough money to live comfortably in retirement,
of a man's pension
women’s pension is likely to be a third less than a that of a man
for every 10 people of working age by 2070
DB -> DC
there is a shift from defined benefits to defined contribution schemes in the EU
Why planning is key
You are likely to have less predictable career path: changing employers, working in different countries, working as a freelancer.
This has a big impact on how much or for how long you can save for retirement.
This means that the sooner you start planning and adjust your pension plans as you go, the better prepared you will be at retirement.
More people are living for longer.
Living longer means that you will need more income in retirement
Starting to examine your options now means that you can take steps to ensure you have an adequate income for your whole retirement.
You might not receive a stable income when you retire
Instead of receiving a steady amount each month, like a percentage of your final salary, you are likely to be responsible for your entire retirement savings and you will have to decide how you manage your pension pot.
Making a plan for how you will spend your pension will allow you to be more in control of your retirement income.
You can make informed decisions about your pension
More and more European countries have online pension tracking systems. These tools show you much you can expect to receive when you retire.
This means that you can prepare your future based on facts and make informed decision that work best for you.