lisäeläkevakuutus

Lisäeläkevakuutus, or supplementary pension insurance, is a voluntary savings product in Finland designed to supplement the mandatory earnings-related pension. It allows individuals to accumulate additional funds for their retirement years beyond the statutory pension. These policies are typically offered by insurance companies and can be structured in various ways, offering flexibility in terms of investment choices and payout options.

The purpose of a lisäeläkevakuutus is to provide individuals with greater financial security in old age, enabling them to maintain their standard of living or pursue desired activities after their working life concludes. Contributions to these policies can be made as lump sums or regular payments, and the accumulated funds grow over time through investment returns. Tax benefits may also be available for contributions made to certain types of lisäeläkevakuutus policies, further incentivizing their use.

When a policyholder reaches retirement age, the accumulated funds can typically be withdrawn as a lump sum, in installments, or as a lifelong annuity. The specific terms and conditions, including investment options, fees, and payout methods, vary significantly between different insurance providers and policy types. It is important for individuals to carefully consider their financial goals, risk tolerance, and the details of any lisäeläkevakuutus policy before making a decision. Consulting with a financial advisor can be beneficial in understanding the suitability of such products for individual circumstances.