Information Page for Employees Over 50
Here you will find lots of information about organising your working life. Discover practical tips on designing your work life that will help you stay flexible and motivated. Find out how you can foster your health and adapt your lifestyle to get through everyday life fit and healthy.
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You will also find valuable information on financial provision so that you can look to the future with confidence and peace of mind. Take the opportunity to inform yourself comprehensively and discover new possibilities.
Before Age 50
1. Basic Financial Planning
1. Basic Financial Planning
- Saving on a small scale: Start building up a solid savings plan early on. Even small amounts saved regularly can make a difference over time. Open a savings account or a pillar 3a account and try to put something aside each month.
- Budgeting: Create a simple household budget to keep an eye on your income and expenditure.
- Check: Check your occupational benefit scheme (2nd pillar) and find out how much money is paid into your pension fund.
- Investments: Find out about investment opportunities to increase your wealth.
- Advice: Seek advice from experts on how you can improve your financial planning.
2. Education and Training
2. Education and Training
- Free or low-cost training opportunities: Take advantage of training opportunities that improve your professional skills.
3. Healthcare
3. Healthcare
- Health awareness: Develop healthy lifestyle habits, such as regular exercise and a balanced diet, to stay healthy and productive in the long term.
4. Life Planning
4. Life Planning
- Family planning: Think about how your family commitments affect your financial and time planning.
Between 50 and 55 Years
1. Detailed Financial Planning
1. Detailed Financial Planning
- Pension calculation: Find out about your pension and how much you are likely to receive. Order a statement from the AHV compensation office. You can see your pension in your current pension fund statement. Use the counselling services offered by the AHV and pension fund to clarify your pension entitlements.
- Risk assessment: Check the AHV and pension fund statements for any gaps in your pension provision (e.g. due to part-time work). If there are gaps: Check the options for filling them, for example through private pension provision (pillar 3a or pension fund purchases).
- Debt reduction: Concentrate on reducing or paying off existing debts. If necessary, seek advice from a debt counselling centre. If you own a home, determine whether you will be able to afford it after retirement.
2. Professional Decisions
2. Professional Decisions
- Job stability: Think about how you can secure your employment, e.g. by learning new skills that are in demand in your field of work.
- Career goals: Think about how you can design your current professional activity or whether you would like to make an adjustment (e.g. arch-shaped career, partial retirement) to support your retirement goals. Use conversations with your manager to discuss your plans and goals.
3. Health Check
3. Health Check
- Regular check-ups: Make sure you attend regular health check-ups to detect potential problems at an early stage.
- Health awareness: Continue to pay attention to a healthy lifestyle, such as regular exercise and a balanced diet. This will help you to stay healthy and productive in the long term.
4. Planning the Future
4. Planning the Future
- Housing situation: Think about whether you can stay in your apartment/house in old age or whether it makes sense to move to a more affordable or age-appropriate housing situation.
- Early retirement: Voluntary early retirement is possible from the age of 58. If this is an option for you: Have the AHV compensation fund and the pension fund calculate your expected retirement pension for the desired retirement date. Use budget planning to consider whether you can afford to take early retirement and how you will compensate for the loss of annual income.
- Counselling: Get support from experts for all important decisions.
5 Years Before Retirement
1. Planning the Next Stage of Life
1. Planning the Next Stage of Life
- Date: Set the date of your retirement.
- Professional activity: Check your options within the company in order not to retire abruptly, but with a smooth transition. This could be a gradual reduction in your workload or partial retirement. Get in touch with your manager and your HR Business Partner. Remember: the longer you earn money from your work, the more money you will receive from the pension fund and AHV.
- Pension application: Find out about the process for applying for your pension and start preparing. If necessary, get help with applying for your pension, e.g. from counselling centres or family members.
2. Financial Planning
2. Financial Planning
- Budgeting: Create a simple budget for the time after retirement to adjust your expenses to your expected income. Calculate how much money you need per month to cover your living expenses. Compare this amount with your income from AHV, pension fund (and, if available, private pension provision such as pillar 3a).
- Pension withdrawal from the pension fund: Decide whether you want to withdraw your pension fund pension monthly or as a lump sum. Clarify how much of your accumulated pension fund assets you can withdraw as a lump sum. And which registration deadline you have to meet for a lump-sum withdrawal. You can also find more detailed information in the pension fund regulations. If you decide in favour of a lump-sum withdrawal, notify the pension fund of this decision before the deadline expires.
- Timing of the withdrawal: Determine when you would like to withdraw your pension assets from the 2nd and 3rd pillar (pension fund and private pension provision). If you spread your salary over several years, you can save taxes.
- Housing situation: Think about whether you can stay in your apartment/house in old age or whether it makes sense to move to a more affordable or age-appropriate flat. If you own your own home, do you want to keep it or do you want to rent after you retire? Decide whether you want to amortize your mortgage in full or in part. Take this into account for the terms of any mortgage extensions shortly before retirement.
- Wealth: Review the goals for your wealth. Do you have to use it up to secure your income or can you afford to keep some for your heirs? Also review your investment strategy for your private assets and make any necessary adjustments.
- Counselling: Get support from experts for all important decisions.
3. Healthcare
3. Healthcare
- Long-term care: Consider whether you need long-term care insurance to be covered in old age.
- Regular check-ups: Make sure you attend regular health check-ups to detect potential problems at an early stage.
- Health awareness: Continue to pay attention to a healthy lifestyle, such as regular exercise and a balanced diet. This will help you to stay healthy and productive in the long term.
4. Social Affairs and Psychological Preparation
4. Social Affairs and Psychological Preparation
- Networking: Build a strong social network to stay active and engaged.
- Leisure planning: Plan how you want to use your free time in retirement. Volunteering or continuing to work part-time can also be part of this.
5. Legal Matters
5. Legal Matters
- Lasting powers of attorney and wills: Make sure that all legal documents are up to date and reflect your wishes.
- Simple legal advice: Use free or low-cost legal advice services to ensure that your legal matters are taken care of.
12 Months Before Retirement
1. Financial Planning
1. Financial Planning
- Home ownership: Cancel your mortgage in good time if you want to repay all or part of the amount when you retire. Contact your mortgage lender in good time to implement the planned adjustments (amortisation, extension, etc.).
- Inheritance: Protect your loved ones with a will, a marriage contract or an inheritance contract. This will ensure that everything happens in your favour. Estate planning is even more important if you are having all or part of your pension fund assets paid out.[GJ1]
- Registration with AHV: Register your retirement with your AHV branch at least six months before your last day of work to ensure that your first pension is transferred on time. Even if you want to postpone drawing your pension, it is best to inform the AHV now.
2. Health Check
2. Health Check
- Regular check-ups: Make sure you attend regular health check-ups to detect potential problems at an early stage.
- Health awareness: Continue to pay attention to a healthy lifestyle, such as regular exercise and a balanced diet. This is how you support yourself to stay healthy in the long term.
3. Social Affairs and Psychological Preparation
3. Social Affairs and Psychological Preparation
- Networking: Maintain your social network to stay active and engaged.
- Leisure planning: Plan how you want to use your free time in retirement. Volunteering or continuing to work part-time can also be part of this.
Offeres from M-Companies
Find out from your manager and HR contact person what offers are available in your company specifically for employees aged 50+.
And discover exciting benefits for you from the Migros Group!
