When to retire – what options are available ?
When to retire is a question that every individual asks himself in his mature years. However, some people ask themselves this question when choosing a profession. Certain professions benefit from the length of service and they can retire early. When to retire, however, also depends on how many children you have. Check in which cases you can retire before turning 60 oz. 65 years. But how is retirement going in 2021?
When to retire if you claim a lowering of the age limit?
An individual may lower the retirement age by claiming:
- care for a child (who has the citizenship of the Republic of Slovenia) in the first year of the child’s age,
- military service (applies only to men, 2/3 of the actual duration),
- employment before the age of 18,
- work in a profession where the counting of the insurance period with an increase (benefited professions) applies.
Retirement in the case of a large family?
In some places there is a possibility that a mother with more children can automatically retire. This is not the case in Slovenia. But it is true that a mother with 4 or more children has the right to pay contributions. This is in case if she decides to leave the labor market for childcare. The state pays contributions until the completion of the first grade of primary school of the youngest child. On this basis, the mother can retire earlier if she takes care of each child. Also on the basis of paid contributions, reaches the period of insurance than if she had worked.
What if you are entitled to an occupational pension?
The benefited length of service applies to the some professions. For example in mining, iron, shipbuilding, chemical and pharmaceutical industries. Beneficial working hours also apply to pilots, flight attendants, air traffic controllers etc. This group also includes opera singers and ballet dancers.
Under the terms of ZPIZ-2, occupational insurance includes persons who perform particularly difficult and unhealthy work . Also insured persons who perform work that cannot be performed professionally after a certain age. That includes soldiers, police officers, etc.
For them , the retirement age is considered to be in the ratio (12/18). This means that a worker will be able to retire at the age of 50 if his or her pension period is a total of 42 years. Also 6 months if the funds collected in your personal account are sufficient to pay an occupational pension. Such an individual will receive an occupational pension. This is until he meets the conditions for an old-age pension.
When to retire if you are granted an added period?
You can retire if you have at least 70% physical disability or the status of military invalid, civilian war etc. Such an individual will reach the insurance period of 40 years in 32 years and thus retire 8 years earlier.
To make a decision on the correct form of company for you, we suggest advice from our tax and legal advisors. You can also follow us on our Facebook and Instagram for more data. We also host free webinars on business in Slovenia.