Pension in Slovakia for seniors – basic information for older people.

Slovakia is becoming an increasingly popular place to live for people planning their retirement. With low living costs, high-quality healthcare, and an attractive climate, many choose to spend their later years in this country. In this article, we present key information about Slovakia’s pension system, including the retirement age, retirement rules, pension amounts, and other important aspects related to retirement in this country.

1. Retirement Age in Slovakia – When Can You Retire?

In Slovakia, the retirement age depends on several factors, such as gender and year of birth. Currently, the retirement age is:

• 62 years for men and women born after January 1, 1957.
• 60 years for those who have worked at least 40 years.
• According to pension reforms, the retirement age may change depending on average life expectancy. It is expected to increase to 64 years in the future.

It’s also worth noting that individuals who have worked longer than the required period can opt for early retirement; however, their pension amount will be lower than the standard pension.

2. Slovakia’s Pension System – Three Pillars

Slovakia’s pension system is based on three pillars:

• First Pillar: This is the public system that guarantees a minimum pension. Pensioners in this system receive benefits based on the length of their contribution period and the amount of contributions paid.
• Second Pillar: This is the so-called savings system, allowing employees to allocate a portion of their contributions to an individual account. Participation in this pillar is voluntary but can significantly increase the amount of the future pension.
• Third Pillar: These are additional savings that can be accumulated in private pension funds. This pillar is optional and allows for higher pensions. Pensioners can also benefit from tax advantages when making contributions to this pillar.

3. Pension Amount in Slovakia – What Are the Rates?

The amount of pension in Slovakia depends on various factors, including the number of years worked and the amount of pension contributions. The average pension in Slovakia is around 500–600 euros per month. However, people with higher earnings or longer working periods can expect a pension of up to 1,000 euros.

Additionally, Slovakia offers the following pension supplements:

Service duration supplements – For each year worked beyond the required period, the pension can increase.
Disability supplements – Seniors with health problems may be eligible for additional benefits.

4. Pensions in Slovakia for Foreigners – Benefits and Conditions

Foreigners who have worked the required number of years and paid contributions in Slovakia can also benefit from the country’s pension system. For individuals from EU countries, the process is relatively simple – you only need a tax identification number, registration in the social insurance system, and regular payment of contributions. However, it’s important to note that upon reaching the retirement age, the pension amount will depend on the years worked in the respective country and the amount of contributions made.

Summary

A pension in Slovakia is an attractive option for people looking for a peaceful place to spend their later years. With low living costs, high-quality healthcare, and a stable pension system, Slovakia is becoming an increasingly popular destination for retirees from abroad.