Have you considered your retirement? Do you have an idea of how much you will receive? A simulator available on Social Security Direct offers assistance in answering this question or at least provides a general idea.
“The Pension Simulator allows you to estimate the value of your old-age or disability pension. This forecast can aid in making decisions about your professional life and career contributions. It can also help determine the best time to retire, taking into account any penalties or benefits,” reads the platform.
The simulator is available here, where you must log in with your Social Security Direct credentials.
There are two types of simulation
The Automatic Simulation Option allows you to:
- Know the estimated value of your old-age pension at the normal retirement age, based on your existing salaries in the social security system and future projections;
- Decide whether the projection should include a salary increase.
The Custom Simulation Option allows you to:
- Enter or modify data from your contribution history (if applicable, covering military service periods or periods under other social protection systems: Caixa Geral de Aposentações (CGA), Pension Fund for Lawyers and Solicitors (CPAS), Family Allowance Fund for Bank Employees (CAFEB), or overseas);
- Select other options (early retirement due to long-term unemployment or if practicing a profession with an age limit);
- Define simulation parameters (growth rate or inflation rate);
- Conduct simulations for old-age and relative or absolute disability pensions (with or without a special protection regime for disability). However, it’s noted that the disability pension is awarded only after verification and certification by the Social Security medical board (Incapacity Verification System).
