Here you can find our top 10 ways to prepare for retirement when it is 10 years away.

1. Get your priorities straight

How many years do you expect to continue working? What is your financial need in this period? What matters to you in your work life? And are there things in your work life that you would like to change as you are approaching retirement? It is important to prepare how your work life should be as your approach retirement, and how you imagine the transition to retirement to be. By starting these considerations early, you ensure to make the best of your possibilities - and often you may be surprised about what your job can offer if the dialogue about e.g. part-time employment starts early. 

2. Find out when you can start receiving pension benefits

Besides your retirement pension, you may have other pension schemes in P+, e.g. an annuity certain and/or retirement insurance. These pension schemes are paid differently, and there are different possibilities depending on the type of pension scheme. If you reduce your work hours, you may start partial payment of your retirement pension benefits.

You can read more about how the different types of pensions are paid here

3. Consider if your pension savings are sufficient

Which income do you have when you retire? Do you have other resources  besides your pension benefits? And what is a good standard of living? Consider if you need to increase your savings while it is possible.

On Min pension you can get an overview of your pension savings in P+, and how much you can expect to receive in pension benefits. If you want to increase your payments to your pension scheme, you have the possibility of paying extra contributions. Read more here

4. Check how your contributions are allocated 

You can obtain increased flexibility in your pension benefits when you retire if at an early stage you relate to the allocation of your contributions. Do you only pay contritutions to the retirement pension, or do you also pay contributions to an annuity certain? Different pension schemes provides flexibility when it comes to payment of pension benefits. 

5. Combine your pension schemes  

If you have pension schemes in several companies, it may be a good idea to combine your savings schemes in one company. Especially small savings due to e.g. short time of employment are gradually eaten up by fees and inflation. By combining the pension schemes you avoid paying administrative costs several places which results in higher savings. 

On Pensionsinfo.dk you can get an overview of all your pension schemes. When you have checked out how much you pay in fees and costs for your different schemes, you are welcome to contact Membership Services for advisory services on possible pros and cons of combining your pension schemes. P+ has some of the lowest costs on the market.

6. Check that you have the right insurance covers

Your insurance package is an important part of your pension scheme, and as the need for insurances changes throughout life it is important that you adjust your insurances to your current situation. You may not need the same cover throughout life. 

On Min pension you can get an overview of your insurances in P+. You can see which insurances that are paid if you fall ill, loose the ability to work, have an accident or in the worst case die. You have the possibility of adjusting the insurance covers yourself. 

7. Check your insurance and pension beneficiaries 

It is a good idea to find out who receives benefits from P+ when you die. If you have not chosen otherwise, payment is made according to the Danish Insurance Contracts Act on beneficiary. 

Read more about the rules on beneficiaries here

8. Consider inheritance and a will

If you want to impact the allocation of your inheritance - that is the part besides your pension scheme - you must make a will. This is particularly important if you have children from a previous relationship, or if you are not married, but want to provide financial security for your cohabitant. 

If you have a spouse or cohabitant, you can get an overview of your pension savings, and whether you have ensured each other and your possible children well enough financially on Pensionsinfo.dk

9. What about your home?

Your housing need may change with time. Accordingly, it is a good idea to consider which expectations you have to your home as a pensioner. Do you want to stay in your current home for as long as possible, or do you plan to move to something smaller or cheaper to have more money for retirement?

If you want specific advisory services about your housing situation, we recommend that you contact your bank.

10. Contact P+ as soon as possible

The sooner you relate to your pension, the bigger impact you can have on structuring the last part of your work life, the transition to retirement and your life as a pensioner. Even though your life as a pensioner may seem to be far away, we recommend that you relate actively to your pension and retirement. 

On Min pension you can find relevant information about your pension scheme and insurances. You can e.g. find an interactive payment forecast that adjusts to your retirement age and expectations to the investment return which provides important information about your current and future financial situation. And you are always welcome to contact Membership Services for advisory services.