What will you do after you retire?
If you want to enjoy your retirement without worries, you should prepare for it as well as possible. These are the most important tasks at a glance.
We have summarized the most important planning tasks in connection with retirement for you here. This overview also serves as a checklist so that you know when you have to do something or get things started. If you stick to them, you won't forget anything essential or miss any important deadlines.
Between 50 and 55 years
- Create an overview of your assets (real estate, account balances, retirement assets from the second pillar and pillar 3a, securities, life insurance, investments, inheritance rights, etc.) and your debts (mortgage, etc.). Note the availability of each asset.
- Create a budget and check that you have enough projected earnings after retirement to cover the expenses.
- If there is an income gap: Determine how much additional capital you will need to fill this gap.
- Find ways how you can best save this capital.
Four to five years before retirement
- Set the date of your retirement.
- Clarify which part of your pension fund assets you can withdraw as a lump sum and which registration deadline you have to adhere to for a lump sum withdrawal.
- Carefully weigh up the advantages and disadvantages of drawing a pension and drawing a lump sum, and then decide whether you want to draw everything as a pension or at least part of it.
- If you have decided on a lump-sum withdrawal, register it with your pension fund before the deadline has expired.
- Now is often the last opportunity for a tax-lucrative purchase into the pension fund - especially if you want to have the amount paid in back when you retire. First, calculate the return on purchase and compare it to other investments before making a decision.
- Think about your living situation: Do you want to keep your house or do you want to move into a condominium after retirement? Decide whether you want to fully or partially amortize your mortgage and adjust the terms as appropriate. If you want to move into an apartment, you should look around for suitable objects in good time.
- Determine when you want to withdraw your retirement savings from the second pillar and pillar 3a. Spread the payments over several years: you can usually save several thousand Swiss francs in taxes.
- Redefine the goals for your wealth: do you have to consume it in a controlled manner to secure your income, or can you afford to preserve the substance for your heirs?
- Think about how you want to secure your income after retirement: Is it worth buying an annuity insurance, for example, or is it better to invest this money yourself and use it according to your own plan?
- Define your new investment strategy.
- Create a detailed financial plan that shows the development of expenses, income and assets up to and including retirement.
- Look for a trustworthy advisor who will support you in all important decisions and who will work out a reliable financial plan for you.
One year before retirement
- Reallocate your assets so that your income is secured in the long term and adjust your investment strategy accordingly.
- Select a suitable asset manager if you do not want to determine your investment strategy alone and do not want to manage your assets yourself.
- Cancel your mortgage in good time if you want to repay all or part of the amount upon retirement.
- Arrange your estate now at the latest: Protect your loved ones with a will, a marriage contract or an inheritance contract. Estate planning is even more important if you have some or all of your pension fund assets paid off.
- Check whether you should use an executor in your will.
Three to six months before retirement
- Report your retirement to your AHV branch at least six months before your last working day so that your first pension is transferred on time. Even if you want to postpone drawing your pension, it is best to notify the AHV now.
- Pay the 3a contribution for the year in which you retire before the date of your retirement.
- Check whether your spouse has to pay AHV contributions if they are not yet of AHV age and are not employed.
- Always keep an eye on your finances. Check that your budget is being adhered to so that you don't suddenly run out of money later.
- Adjust your planning if your life situation or the legal framework changes.
- If you remain gainfully employed beyond the normal retirement age, you can continue to pay into pillar 3a - men up to a maximum of 70, women up to 69. Check whether it is worthwhile in your case. You can find further tips for postponed retirement here.
Additional tasks in the event of early retirement
- Clarify the earliest time you can draw your pension fund benefits and the AHV pension, and have the AHV compensation fund and the pension fund calculate your anticipated old-age pensions for the desired retirement date.
- Ask your employer whether he or she will support your early exit financially, for example with a bridging pension until you reach the regular retirement age.
- Check whether an early withdrawal of the AHV and pension fund pension or the drawing of a bridging pension is worthwhile. Compare other options for bridging the income gap, for example withdrawing Pillar 3a assets early on.
- After early retirement, contact your AHV compensation office and pay the AHV contributions for those who are not in gainful employment. Any contribution gap can result in a reduction in your pension. Inquire about ways in which you can reduce your AHV contributions (e.g. partial retirement or part-time employment).
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