Pension Contribution Buyback Calculation

PURCHASE OF PENSION CONTRIBUTION PERIODS CALCULATION TOOL

You can use the purchase of pension contribution periods calculation tool:

WHAT IS PURCHASE OF PENSION CONTRIBUTION PERIODS?

Purchase of Pension Contribution Periods allows insured individuals to complete their missing premium days. An individual makes retroactive payments for certain periods they did not work and includes these periods in the insurance system. This both accelerates the retirement process and creates a more advantageous plan.

WHICH PERIODS DOES PURCHASE OF PENSION CONTRIBUTION PERIODS COVER?

The law clearly defines the periods covered by purchase of pension contribution periods. Insured individuals most commonly make repayments for the following periods:

• Military service periods
• Periods after childbirth during which they did not work
• Periods of working or residence abroad
• Unpaid leave periods
• Strike and lockout periods

However, different conditions apply for each period. For this reason, the individual should carefully analyze their own situation before applying.

EARLY RETIREMENT THROUGH PURCHASE OF MILITARY SERVICE CONTRIBUTION PERIODS

Male insured individuals add military service periods to their premium days by making retroactive contributions. If the individual performed their military service before their insurance started, it lowers their retirement age. This advantage offers an important opportunity for those planning early retirement.

COMPLETE YOUR PREMIUM DAYS WITH PURCHASE OF POST-CHILDBIRTH CONTRIBUTION PERIODS

Female insured individuals evaluate the periods they could not work after childbirth by making retroactive contributions. This method allows for the quick completion of missing premium days. Furthermore, those who plan correctly can bring their retirement date forward.

HOW IS PURCHASE OF PENSION CONTRIBUTION PERIODS CALCULATED?

An individual follows three basic steps in the process of calculating purchase of pension contribution periods:

• Determines the number of days to be covered by the repayment
• Selects the daily earnings amount
• Applies the current rate

As a result of these steps, the total repayment amount is revealed. Individuals who choose higher earnings pay more; however, this increases the possibility of receiving a higher pension.

PURCHASE OF PENSION CONTRIBUTION PERIODS CALCULATION TOOL

The purchase of pension contribution periods calculation tool provides the user with a quick preliminary assessment. Thanks to this tool, the individual sees the cost in advance and clarifies their plan. However, they can only learn the exact amount after an official application.

HOW DOES PURCHASE OF PENSION CONTRIBUTION PERIODS AFFECT THE PENSION?

Purchase of Pension Contribution Periods has a direct impact on the pension. Individuals who choose higher earnings generally receive a higher pension. Conversely, selecting low earnings provides a limited increase. Therefore, the individual must definitely take long-term gains into account when making a decision.

HOW TO APPLY FOR PURCHASE OF PENSION CONTRIBUTION PERIODS?

An individual makes their application directly to the Social Security Institution. The institution reviews the application and determines the repayment amount. Then, the individual completes the payment within the given timeframe.

If the individual does not make the payment on time, the application becomes void. Therefore, it is necessary to manage the process carefully.

TIMING IN PURCHASE OF PENSION CONTRIBUTION PERIODS

An individual can apply for purchase of pension contribution periods whenever they wish. However, those who act early gain more advantages. Those who are late may not achieve the same benefits.

COMMON MISTAKES IN PURCHASE OF PENSION CONTRIBUTION PERIODS

Many people make the following mistakes:

• Thinking that every period can be covered by repayment
• Assuming the pension will necessarily increase
• Accepting the calculation tool as a definitive result
• Missing the payment deadline

These mistakes lead to financial losses. Therefore, the individual should manage the process consciously.

WHO IS PURCHASE OF PENSION CONTRIBUTION PERIODS SUITABLE FOR?

Purchase of Pension Contribution Periods provides advantages, especially for the following people:

• Those who have missing premium days
• Those who want to retire early
• People who have worked abroad
• Insured individuals who have had a break due to childbirth or military service

FREQUENTLY ASKED QUESTIONS