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The future of pensions: The fight for a decent life after the end of a professional career

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4.9 / 5 - (12 votes)
4.9 / 5 - (12 votes)

On February 29, 2024, the seven parties in the Storting reached a pension settlement. This is not everyday food. The last time the Storting entered into a pension settlement was in 2005 and 2007.

Settlement pensions is associated with changes in the age limits for social security contributions, which apply to people receiving pensions, guaranteed annuities and annuities. Additionally, pension settlement involves raising the upper age of people working in the state and increasing the possibilities of individual retirement savings (IPS).

The age limit will increase gradually

The lower age limit for Social Security retirement is currently 62. This age limit must be increased gradually. The settlement means that people who are in the 1972 group and can retire at the earliest age of 63 will receive a hardship allowance.

The changes consist in increasing the upper retirement age. The standard retirement age is currently 67. In the future, the retirement age will increase by approximately one year per decade. For those born in 1972, it will be 68 years old.

Also read: Get ready for the season: Register your RV, motorcycle or hobby car

Fighting for a decent life after ending your professional career

As we read on the NAV website, almost half believe that they will receive too low a pension. Therefore, most people will probably stay at work longer than they would like.

Also read: The deduction guide from Skatteetaten can be very useful

Read also: Check what your retirement will look like

You can find a retirement calculator here HERE .

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Source: NAV, Photo: pixabay

Also read: Norwegian Tax Office: The first tax returns have been sent

 

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