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Early retirement benefits much higher in Denmark
Early retirement benefits much higher in Denmark
Denmark’s early retirement pensioners receive nearly twice as much in benefits as their Faroese counterparts
Saving up for early retirement is almost twice as profitable in Denmark as in the Faroes.
05.12.2018 - 13:35
People in Denmark gain significantly more from their early retirement savings than Faroese people.
A study carried out by Tryggingareftirlitið (the Insurance Inspection Authority) shows that the average returns from saving up for early retirement in the 2011-2016 period were 7 percent in Denmark, compared to 4.2 percent in the Faroes.
An example from the survey shows a difference of DKK 3.7 million after 40 years of saving up for early retirement, with Danish citizens receiving DKK 7.1m and Faroese citizens receiving DKK 3.4m.
This example uses a monthly salary of DKK 30,000 and an early retirement contribution of 15 percent.
Translated by prosa.fo
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