Step-by-step guide to retiring
How your pension payout works
Next steps:
Decide if you're ready
Consider whether to retire now or keep working. If your health allows, working longer can significantly boost your final pension size – every extra year counts.
Check your total savings
Log in to the latvija.lv portal. Go to services, select “Information on projected pension” (Informācija par prognozēto pensiju), and request your statement to see your accumulated numbers.
Time your application right
You can apply for your pension one month before reaching retirement age. Don’t delay: VSAA only covers payouts retroactively for up to 6 months. Apply early to ensure you don’t lose a single euro of your hard-earned money.
Submit your application to VSAA
Go to vsaa.gov.lv and select “Pensions” (Pensijas) from the services menu. Click on “Granting and payout of old-age pension” (Vecuma pensijas piešķiršana un izmaksāšana) and choose the most convenient way to submit.
Choose your payout strategy
You have two options: combine your 1st and 2nd pillar savings, or sign a lifetime pension insurance policy. Compare both options carefully to find the best fit for you. Learn more at manapensija.lv.
Future salary calculator
3rd pillar payout calculator
Gender
The estimate assumes a lifespan of
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years
Choose your ideal payout strategy
Since longevity is hard to guess, it's smart to leave 20% untouched. It acts as a lifeline for later or a gift to your family.
Withdraw everything today
Need cash immediately? Consider cashing out partially so the rest can keep working for you.
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(total)
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more
Delay for 5 years
Highly recommended. Leaving your savings where they are gives you the most money.
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(total)
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Start gradual payouts
Perfect if you want a steady monthly income booster while your remaining balance keeps investing.
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(total)
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How much deposit is smart?
Different income percentages
Suggested
5%
good start
10%
Good pension, good use of tax benefits
20%
Western standard
Get a 25.5% tax refund from the state
You can receive a 25.5% personal income tax refund (IIN) for part of the contributions, which do not exceed 10% of the annual gross salary or no more than EUR 4,000 per year, by submitting an annual income declaration. You will receive a tax refund if you are a VAT payer.
The total savings at the indicated planned retirement age, based on the entered information and calculation assumptions.
Pension projection scenario
Favorable
Pessimistic
Optimistic
Accumulation
EUR
Amount of pension per month
0 EUR
Recovered PIT
0 EUR
3rd pension pillar
The 3rd pillar consists of voluntary contributions. If you are an INDEXO 3rd pillar customer, you can instantly track and check your balance anytime in the INDEXO Bank app or via the "Mans INDEXO" portal.
3rd pension pillar
The 3rd pillar consists of voluntary contributions. If you are an INDEXO 3rd pillar customer, you can instantly track and check your balance anytime in the INDEXO Bank app or via the “Mans INDEXO” portal.
Trust INDEXO with your pension
Strict regulation
The entire pension system operates under strict state regulations – and that applies to every manager.
Transparent management
We don't hide behind complex jargon. You can easily track your plan's performance, strategy, and costs.
Identical rules
Pillars 2 and 3 are part of the state system, meaning safety rules are identical for all managers. Who you trust is up to you.
INDEXO: chosen by the savvy and driven
161
thousand clients
thousand clients
trust INDEXO with their pensions
€1,7
billion
billion
under INDEXO management
2nd and 3rd pension pillars combined. Data as of 31.12.2025.
Choose your savings partner
Average savings per client
Data as of 31.12.2025.
