Be well-prepared for your retirement

You can calculate your state retirement pension at MyPension (website available in Dutch, French and German). Even though you might be satisfied with the result, the chances are you could be doing more.

Pension saving is a useful way to build up a reserve for later while you’re still working. It’s best to do that as soon as and for as long as you have an income and pay taxes. If you haven't started yet, you can still set up a pension savings plan at any time. Ideally, you should do this before you turn 55 and continue to save until the year you turn 64.

Your tax relief depends on how much you save. The default maximum amount is 1,020 euros per year, which would earn you 30% tax relief. If you want to build up additional pension capital, you should opt for 1,310 euros per year as your maximum amount, which would give you 25% tax relief.

If you have a pension savings plan somewhere else, get in touch with us to discuss transferring it.

Another savings option where you set aside money for later and can benefit from tax relief is long-term saving. If you're already saving for your retirement, you can combine pension saving with long-term saving to further increase potential tax relief. Even if you’ve already retired and still pay taxes, you can benefit from potential tax relief for many years provided you start long-term saving before the year you turn 65.

In some cases, this savings option can even be combined with your mortgage loan (for loans taken out before 1 January 2016). If you don’t reach the maximum tax-deductible amount through your mortgage loan repayments, you can supplement that by long-term saving and could earn even more tax relief. If you’ve already paid off your mortgage loan, you’ll have some financial scope again to start long-term saving.

Depending on your earned income or pension and your personal situation, you can earn up to 30% tax relief. The maximum deductible amount per year for 2024 is 2,450 euros.

If you have a long-term savings plan somewhere else, get in touch with us to discuss transferring it.

Working hard at building up your pension pot and still have some financial room to spare? It doesn't have to be much, as you can start investing in the KBC Brussels Investment Plan from as little as 25 euros per month. Combining saving and investing gives you an opportunity to get more out of your money. However, investing involves risks since the value of your investment can fluctuate over time. But when you look at things from a long-term perspective, you spread those risks and you could end up earning more from your money.