When will I retire? And how much will I get? These are recurring questions that increasingly worry young people too. To answer these questions, theINPS has recently updated his simulator "Think of me – Tailor-made pension”, the tool that allows users to calculate their pension future without the need for registration (and you don't even need the SPID).
In new update it is now possible to find out if and when to access the new "Flexible advance" and "Woman option" pensions according to the 2023 Budget Law, and save and print the results of the simulation. Furthermore, INPS has updated the adjustments to increases in life expectancy of pension requirements, based on the median Istat demographic scenario of 2022, which reflects the medium and long-term trends of the pension system.
In addition to the new features, “Think about me – PENsione A Misura” retains all characteristics which made its previous version popular, confirming itself as an easy-to-access pension consultant and a tool for spreading the culture of pension provision.
INPS: what's new in the update
INPS has specified that until 2028 the age for accessing the old-age pension will remain stable at 67, as no increases in life expectancy are expected. Since 2029, this age is expected to increase to 67 years and one month. Furthermore, for the year 2024, the maximum amount of the flexible early pension has been updated, which will be equal to five times the minimum salary, calculated according to the requirements achieved by 31 December 2023 and can be received until reaching the age request for old age pension.
“Think of me”: what it is and how it works
“Think of me” is a pension scenario simulator carried out as part of the Pnrr project activities. The simulator allows users to enter a few personal and contribution data to obtain a complete overview of their pension options. Between main features:
- Calculation of retirement date: The simulator provides a prediction of when the user will be able to retire.
- Estimated amount of pension: Based on the data entered and current regulations.
- Retirement options: Offers various options such as flexible early retirement and Women's Option, allowing users to choose the solution that best suits their needs.
“Think of me”: how to access the simulator
Access to the “Think of Me” simulator is simple and requires no registration. Here's how to do it:
From the INPS website:
- Visit the INPS website.
- Follow the path: “Pension and pensions” → “Explore pension and pensions” → “Tools – See all” → “Think about me – Pension scenario simulator”.
From the INPS Mobile app:
- Download the Inps Mobile app available for Android and iOS.
- Select the "Services" tab from the home page and, subsequently, the "Think of me" service.
Basta enter some simple data, such as the date of the first contribution, the total contribution and the type of work performed. It's important include specific details such as any strenuous activities, early work, military service, redemption of university qualifications or notional crediting of compulsory motherhood, since these factors can influence the calculation of the years necessary to access the pension.
“Think of me”: calculation and simulation
Once the required data has been entered, the simulator uses advanced algorithms to calculate your expected retirement date and estimated pension amount. The system takes into account the latest regulations in force and adjustments to life expectancy, providing accurate and up-to-date forecasts.
In particular, the algorithm has been updated for reflect the new rules of the 2024 Budget Law, including adjustments to life expectancy based on the ISTAT demographic scenario of 2022. Furthermore, a new functionality has been introduced to take into account Quota 103, which concerns the flexible early pension.
Users can save and print the results of the simulation for later reference. This functionality makes it easier to plan your retirement future, allowing you to always have the necessary information at hand.
30 year olds retiring at 70
Providing a practical example, it turns out that who today he is 30 years old, according to INPS calculations, could be found at having to wait until age 70 to retire. This depends on the contribution conditions and the pension amount accumulated over the course of your working career.
In detail, let's take into consideration a individual born in early 1994, which started working in 2022. According to the INPS simulator, if this individual manages to pay at least 20 years of contributions and to accrue an allowance above the threshold of 1.603,23 euros (equivalent to three times the monthly amount of the social allowance in 2024), he will be able to access the old-age pension at 66 years and 8 months. Her expected retirement date would be December 2063, when she will be 69 years and 10 months of age.
In reverse, if he does not reach 20 years of contributions necessary, will have to postpone leaving the world of work until the age of 74. These scenarios highlight the importance of accurate pension planning from the early years of your career, considering the impact of work decisions on future pension prospects.
The forecast is no brighter for those in their 40s, as in the case of a man born in January 1980 in the private sector. Also in this case, the moment of retirement can vary considerably based on the accumulated pension amount and the possibility of early access to the pensions provided for by current legislation.
Pension: it's worse for 40-year-olds
For those in their 40s, the outlook is even worse. For example, a man born in January 1980, employed in the private sector and who began contributing in 2005, will retire at 68 years and 9 months. He could bring it forward to 65 years and 7 months if he has accrued a benefit higher than the threshold foreseen for 2024 (three times the social benefit), but he will have to postpone it until 73 years and 2 months if he does not reach 20 years of contributions.
