Pension deferment after 60 years
Continuing to work after the age of 60 can be a financially beneficial step for retirees. Retirees who do not apply for pension at the specified age have the opportunity to increase its amount. Each month of deferment increases the pension by 0.5% per month for up to 5 years, and by 0.75% per month if the deferment lasts more than 5 years. Thus, one year of deferment can add about 6% to the future pension.
Additional allowances and requirements
Furthermore, working retirees receive an additional allowance for insurance experience, which is 1% of the pension for each full year of work that exceeds the mandatory minimum. In 2025, this allowance will be over 23 hryvnias for each additional year of work. It is important to note that in order to retire at 60, one must have at least 32 years of experience. If a person plans to retire at 63, they need 22 years of experience, and at 65 years — 15 years of experience.
Thus, continuing to work after reaching the age of 60 can significantly affect the amount of future pension, allowing retirees to receive larger payments.
This information is important for those planning to retire, as it highlights the benefits of continuing to work.
Considering the rising costs in old age, the ability to receive a higher pension can significantly improve the financial situation of retirees. At the same time, the need to have sufficient insurance experience for retirement is an important factor to consider when planning a career and retirement age.