Pension planning

It is never too early to start planning for your retirement. What the money will be used to finance, depends on your wishes and plans. Would you like to retire early? Travel the world after you retire? Or are you saving for your children's education? As a rule, we recommend you start thinking about your retirement around the age of 50.

If you withdraw your pension fund as an annuity, you will receive a steady income for the rest of your life. If you choose a lump sum payment, you will receive your entire pension funds in one installment. Whether a lifetime annuity, a lump sum payment or a combination of the two is more suited to your situation, depends on a variety of factors: your requirements for security, your financial flexibility, your dreams and plans after your retirement. 

As a rule, the old age and survivors’ pension (OASI) and the money from your 2nd pillar pension fund are paid out as a lifetime annuity. However, these are often not sufficient to preserve the standard of living to which you are accustomed. The money from the first two pillars is often less than your previous income. Irrespective of the resources at your disposal following retirement, this gap can be minimized or closed. For example, with a lifelong, private pension or with a payment plan. Get advice from our specialists. We analyze your personal situation and show you the various options available to you.

A financial or retirement plan is a life plan. Up to age 58, building up your assets is the key focus. After your 58th birthday, the focus shifts to planning the third phase of your life. 

To help with your financial and pension planning, our specialists can work out a concept that suits you using your needs and goals. In doing so, we will take into account your current living situation and the benefits from all three pillars. We will identify gaps in your coverage and show you how to minimize or fill these. Since your personal circumstances can change with time, just like your plans and wishes, you should regularly go over your plan and make changes if necessary. 

A financial and retirement plan gives you clarity. You are building the foundations on which you can make the right financial decisions.

There are four forms of retirement:

• Regular retirement: The regular retirement age for women is 64, for men it is 65. 
• Early retirement: Early retirement describes the situation in which you stop work before the regular retirement age. Early retirement is possible from 58 onwards — depending on where you live and which pension fund you belong to.
• Semi-retirement: Semi-retirement is a more gradual retirement spread over multiple steps. The interval between the steps is at least a year. This requirement also varies depending on your place of residence and pension fund.
• Deferred retirement: Deferred retirement refers to retirement after you have already reached the regular age of retirement. Women can defer their retirement until their 69th birthday. Men can defer their retirement until their 70th birthday. This can vary depending on your pension fund. 

To find out which type of retirement is best for you, please contact your customer consultant. We at Zurich will be happy to answer your questions.

The answer to this question differs from person to person. As such, there is no general answer to this question. The decisive factor here is the individual requirements of each pensioner. 

The biggest expenses are:

• Living and household expenses
• Costs for illness and accident insurance including deductibles
• Mobility and leisure expenses
• Insurance
• Taxes

You should compare these expense with your expected pension income and other assets. For more detailed information, please contact your customer consultant.

This question must be answered on an individual basis. In the medium term, costs for mobility and leisure will decrease. However,  individual health and care costs can increase. You may incur extraordinary costs right after retirement, such as for home renovations, travel, etc.