5 1 year-old is it too late to buy old-age insurance?

5 1 year-old It's not too late to buy old-age insurance.

Even at the age of 5 1, it is not too late to buy old-age insurance. Article 16 of the Social Insurance Law stipulates that individuals who have accumulated contributions for fifteen years at the statutory retirement age can receive a basic pension on a monthly basis. If the accumulated payment is less than fifteen years, you can choose to continue to pay until you meet the requirements, or transfer to the new rural social endowment insurance or urban residents' social endowment insurance and enjoy the corresponding treatment. Social security began to be paid at the age of 5 1 year, and the accumulated payment period before retirement reached 15 years. You can receive a monthly pension to realize basic economic security in your later years.

Pension insurance payment period:

1, the statutory retirement age stipulated by the state: for men, it is usually 60 years old, and women are divided into two grades: 55 years old and 50 years old;

2. Minimum payment period requirements: generally, the insured person is required to pay a total of 15 years;

3. Payment period of early retirement: People who have made special contributions in special industries may have a policy of early retirement, and the payment period will be reduced accordingly;

4. Payment period of delayed retirement: choosing delayed retirement can increase the payment period and improve the level of pension collection;

5. Time limit for paying back old-age insurance: For the insured with insufficient payment period, you can choose to pay back to meet the minimum time limit.

To sum up, even if you start to buy old-age insurance at the age of 5 1, according to the provisions of the Social Insurance Law, as long as you have paid accumulated contributions for 15 years before retirement, individuals are still eligible to receive basic pensions on a monthly basis to ensure economic security in their later years. Do not meet the conditions, you can choose other ways to continue to pay the cumulative payment or transfer to other social endowment insurance, enjoy the corresponding pension benefits.

Legal basis:

People's Republic of China (PRC) social insurance law

Article 16

Individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis if they have paid a total of fifteen years when they reach the statutory retirement age.

Individuals who participate in the basic old-age insurance and pay less than fifteen years when they reach the statutory retirement age can pay for fifteen years and receive the basic pension on a monthly basis; Can also be transferred to the new rural social endowment insurance or urban residents' social endowment insurance, enjoy the corresponding pension insurance benefits in accordance with the provisions of the State Council.