Between 2019 and 2020, the average pension in Norway increased by NOK 3700. Given the price increase, retirees received, on average, a small increase in purchasing power. During this period, the real value of the average old-age pension increased by about 0,3%.
The average pensioner received NOK 248 in a pension in 000
In 2020, the average pensioner received NOK 248 of an annual pension from the social security system. That's 000 percent. more than a year earlier. In 1,5, the average pension was 2019 thousand. NOK.
- Prices increased by 1,3 percent last year. This means that the average pension will increase slightly more than the prices in 2019-2020, says director of NAV Ole Christian Lien.
For the average pensioner, the real change in value corresponds to around NOK 600 in the year before tax.
You can wait and get more annual retirement benefits
For people who have already worked and earned a living for many years and will soon be considering retirement, there is still an opportunity to influence its amount. A person can choose between drawing their pension early in a lower annual amount or deferring it for several years and receiving a higher payment within a year. People who were employed before they started receiving their pension were, on average, around 2020 years old in 64 when they first received their pension. However, most of them continue to work even after retirement.
"For many, it is possible to get a higher annual life pension if they wait until the end of their job to receive their pension," says Lien.
Retirement from the social security system it's not everything
Most of your pension will come from the social security and occupational pension system. Therefore, private savings are an important supplement to your pension. When saving for retirement, you can choose, for example, mutual funds, because mutual funds provide the best expected return in the long run. Savings should primarily consist of paying off your mortgage and saving monthly. There are many possibilities for saving, which is important if we want extra money when we decide to retire.
– Fewer people work in Norway while receiving a pension
In Norway, 55,7 percent. retirees aged 62 to 66 were registered as employed at the end of the third quarter of 2020. This is a decrease by 1,2 points compared to the previous year. percent The same trend can also be seen among 67-69-year-olds. Here, the decline in employment is 0,6 percentage points.
"The decline in retirement employment is largely due to the coronavirus pandemic," says Lien. He also points out that among 62-66-year-olds there was an increase in employment by 1,4 percentage points. Proc. At the end of 2019 - compared to the previous year. On the other hand, there was a decline in 2020.
How many pensioners are there currently in Norway?
At the end of December 2020, 981,4 thous. people were receiving a pension in Norway. It is about 22,6 thousand. more than at the same time in 2019. It is predicted that in 2021 the number of retirees will exceed 1 million.
