Determine your own retirement age by planning ahead.

According to the law, everyone who lives in Curaçao can enter the labour market from the age of 15. As a young person with a part-time job, your goal is often different as your retirement still seems far ahead and is not your priority. However, it is important to know at what age you actually retire and when is the right time to start planning.

In accordance with the AOV law a person can retire at the age of 65. At this age, he/she automatically receives and is entitled to a basic pension from the government, also better known as the “retirement pension”.

The basic government pension (AOV) is based on the number of years an individual has been insured and has saved/contributed to the public fund. However, due to an increasingly expensive cost of living, this pension is not enough for the primary costs and perhaps something extra in the future. That is why an additional pension plan via e.g. an employer is important.

In a collective pension plan through the employer, there is the possibility of a flexible retirement age. This means that you can determine your retirement age yourself, which in this case is possible from the age of 55. However, taking into account the statutory retirement age of 65, this means that you will only be eligible for the government's basic pension (AOV) after 10 years. In the meantime, you will only receive the pension that you have saved through your employer.

Another possibility is that you continue working beyond the age of 65. In this case you will only receive the basic pension from the government (AOV). You receive the capital saved through the employer when you stop working completely.

Thus, generally speaking, a person works for at least 40 to 45 years. This is enough time to arrange a good pension. And like all savings plans, the sooner you start, the better.

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