What is adjusting your retirement age?
Adjusting your retirement age is the option of advancing or postponing your retirement age during the accrual period of your pension. And thus adjust your investments to your chosen retirement age.
Zwitserleven ensures that your investments match your age, your salary and your retirement age. We call this investing via the Smart Standard. For example, if you are young, then you are automatically invested more in stocks and other categories which are targeted at reaching a high return. These investments have a higher risk. The returns are needed in order to accrue a sufficient pension. Furthermore, in downturn periods there is still sufficient time to compensate. The older you get and the closer you are to your retirement date, your investment risk is automatically reduced.
By default, we base your investments on the standard retirement age in your scheme that has been agreed with your employer.
If you adjust the retirement age in your participant portal, we will take your adjusted retirement age into account when reducing the risk of your investments. This does not apply if you invest via Self Investing. Information about investing can be found elsewhere on this website.
Who is adjusting your retirement age intended for?
Adjusting your retirement age can be interesting if you want to retire earlier or later than the standard retirement age in the pension scheme. If you adjust the retirement age, we will adjust the reduction of your investments to your new retirement age. To assess what retirement age is financially viable, you should examine the following:
A. The total income you will receive after retirement. This income can consist of:
- AOW, everyone who lives or works in the Netherlands receives a benefit from the government. For more information, go to the SVB website.
- Pension that you accrue with Zwitserleven.
- Pension that you have accrued with any previous employers.
- Annuities or bank savings.
- Savings or investments.
- Work, if you choose to continue working after retirement.
On your participant portal you can enter the pension you’ve accrued with previous employers in the Inventory section. It is also possible to enter your own resources such as savings.
Also check on mijnpensioenoverzicht.nl how much pension income you expect and how much your partner, if any, will receive.
B. The income you will need after retirement.
For example expenses for your home (rent or mortgage), household expenses, transportation (car or public transportation), energy, insurance, leisure and vacation.
On your participant portal you can enter your own expenses in the Inventory section. It is also possible to start from sample amounts from the Nibud.
If you examine both parts (A: income you receive and B: income you need), you get a good estimate of your own situation. And you can assess whether or not adjusting your retirement age suits you.
More useful information can be found on the website: Rondkomen na pensionering | Nibud
When is adjusting your retirement age suitable?
There are advantages and disadvantages to adjusting your retirement age. Whether it suits you depends on what you find important. And your financial situation, now and in the future. First do the research as explained above in the section “For whom is adjusting the retirement age intended?”
Pros
-
Your retirement age better suits your wishes.
-
You are free to adjust your desired retirement date in the interim.
-
We align the reduction of risks in your pension investments with your desired retirement date.
This does not apply if you invest via Self Investing. Information about investing can be found elsewhere on this website. -
If you postpone your retirement age, the reduction of risks takes place later, which means that the expected pension may be higher.
-
When your retirement age is brought forward, the reduction of risks takes place earlier, resulting in less risky investments.
Cons
-
If your retirement age is brought forward, the reduction of risks takes place earlier, which means that the expected pension may be lower.
-
If you postpone your retirement age, the reduction of risks will take place later, resulting in riskier investments.
Bring forward
-
If you expect to have sufficient income from your desired retirement age.
-
If you want to retire earlier than the standard retirement age.
-
If you want less investment risks with the expectation of a lower pension.
Postpone
- If you expect to have not enough income from your desired retirement age.
- If you want to retire later than the standard retirement age.
- If you want more investment risks with the expectation of a higher pension.
Bring forward
-
If you expect to have not enough income from your desired retirement age.
-
If you want to retire at the standard retirement age or later.
-
If you want more investment risks with the expectation of a higher pension.
Postpone
- If you expect to have sufficient income from the standard retirement age.
- If you want to retire at the standard retirement age or earlier.
- If you want less investment risks with the expectation of a lower pension.
What other options are there for your investments?
You can also adjust your investments with Zwitserleven before your retirement date in other ways.
- You can adjust your expected pension with Zwitserleven by choosing for Smart Investing. We will then adjust your investments and reduce your risks. On your participant portal you can see what the consequences are for your expected income. But also for your income if things go well (optimistic income) or if things go against you (pessimistic income).
- By choosing to pre-sort for a fixed or variable benefit (preparing for a Variable Pension), you can indicate whether you want to continue investing for your pension after your retirement date. If you wish, we will adjust your investments and reduce your risks. On your participant portal you can see what the consequences are for your expected income. But also for your income if things go well (optimistic income) or if things go against you (pessimistic income).
- By choosing the Pension Stabiliser you can get more certainty about your expected pension with Zwitserleven. We will then no longer invest in shares. Your expected income will then be lower. On your participant portal you can see what the consequences are for your expected income. But also for your income if things go well (optimistic income) or if things go against you (pessimistic income).
Elsewhere on this website you will find more information about the mentioned investment options. You can combine these options with adjusting your retirement age.
How do you arrange the adjustment of your retirement age?
On your participant portal under the tile “What do you get?” you can use the arrow “Adjust retirement age” to indicate from which age you want to retire.
If you choose to adjust your retirement age, the reduction of risk of your pension investments will be adjusted accordingly. On your participant portal you can see what the consequences are for your expected income. But also for your income if things go well (optimistic income) or if things go against you (pessimistic income). We also show your investments before and after your choice before you confirm your choice.
If you submit the choice to adjust your retirement age no later than a few working days before the end of the month, this change will be processed in the following month. You can adjust your retirement age later at any time.
Attention!
The adjustment of your retirement age in your participant portal only affects your investments and the reduction of the risks of your investments.
Do you really want to retire earlier? In that case, inform the service desk 8 to 12 months before your desired retirement date, for example by sending an email to LS.servicedesk@zwitserleven.nl
Do you really want to retire later? In that case, inform the service desk of this 6 to 12 months before your standard retirement date, for example by sending an email to LS.servicedesk@zwitserleven.nl.
When will your retirement age be automatically adjusted?
If you have chosen to adjust your retirement age in your participant portal, we will continue to reduce the risks of your investments until this retirement date based on this retirement date.
Submit your request to retire earlier to the service desk 8 to 12 months before your desired retirement date. If you do not do this, your investments will remain unchanged from the retirement age selected in your participant portal until your standard retirement age. Your investments will be sold a few working days before your standard retirement date.
Submit your request to retire later 6 to 12 months before your standard retirement date to the service desk. If you do not do this, your investments will be sold a few working days before your standard retirement date. And therefore investments are no longer based on the retirement age you have chosen in your participant portal.
Even if you leave your employer before your retirement date, the reduction of risks in your investments with Zwitserleven remains focused on your chosen retirement age at Zwitserleven.
Need advice?
We are pleased to assist you with your retirement choices. Those choices can have major financial implications. Our guidance is only about your Zwitserleven Pensioen. Whether a choice is right for you naturally depends on your entire personal situation. Now and in the future. Have you thought about asking an advisor? They can give you an overview of all your financial affairs. And help you make the most appropriate choices.