The pension calculator now shows the future value of the pension.
The beginning of the year will give people the opportunity to make a number of pension-related choices, such as when to retire and when and how to use the money that has been accumulated in the second pillar. All of these decisions affect the size of the future pension.
A pension calculator has been available for several months on the website of the Social Insurance Board, pension.sotsiaalkindlustusamet.ee, allowing a person to determine when they can retire and how big their pension will be. The calculator now has an additional function, which can be used to calculate the future value of the pension.
When calculating the future value, the calculator takes into account inflation and the performance of II and III pillar funds. In addition, you can refine your data for all pillars and add periods with different workloads.
The general rule is that the longer a person saves for their retirement and continues to work, the larger their pension – which consists of different pillars – will grow. The two views offered by the calculator – future pension at current value and future value – are there to help a person to make a useful and well-thought-out decision when planning their pension.
The Future Value Calculator was completed in cooperation with the Office of the Gender Equality and Equal Treatment Commissioner, the University of Tartu and TalTech within the framework of the research and implementation project InWeGe (Income, Wealth, Gender) and is funded by the EU Rights, Equality and Citizenship Programme (2014-2020).