Find out how much you’ll get when you retire

Have you ever thought about how much you’ll earn in retirement when the time comes… or are you one of those people who thinks there won’t be any pensions when you get there? Don’t be fooled, it’s better to take precautions and make sure you have some resources when you get there.

Use the Social Security pension simulator.

Through Segurança Social Direta you can access the Pension Simulator, which allows you to estimate the value of your old-age pension. There are two simulation options.

• Automatic simulation: this is based on salaries registered with Social Security and projects future salaries, assuming annual increases and inflation. This simulation provides a quick estimate, but may not reflect your real situation if there are no salary increases or if inflation is different from what is expected.
• Personalized simulation: allows you to adjust variables such as retirement age, salary growth rate and inflation. For a more realistic estimate, you can set inflation and salary growth to 0% if you don’t expect future increases.

But pay attention to the value the simulator gives you!

That figure you see is gross – it’s not the amount that will go into your account.

You’ll have to cash it in:

• IRS (according to the bracket you are in based on the gross annual value of your pension)
  
• 14 months (multiply the monthly amount by 14, not 12, because there are also vacation and Christmas allowances)
• Food allowance – this is another amount that will no longer count.

We advise you to check your records at least once a year or every six months. In this way, you will avoid unpleasant surprises when you retire, such as missing periods of contributions that could reduce the value of your pension.

To access Social Security Direct, you can use the Digital Mobile Key, a practical and secure form of authentication that allows you to access various public and private services with your cell phone.

Now that you know all this, plan your retirement in advance. Studies show that, if nothing is done, those who retire in 2050 could receive less than half of their final salary. It’s essential to start saving and investing as soon as possible to guarantee a decent retirement. Consider creating a savings account or investing in financial products that supplement your pension.