Can I buy old-age insurance at the age of 59?

Old-age insurance can also be paid at the age of 59, and those with better personal economic conditions can pay social security for flexible employees. After paying a certain number of years, you can pay 15 in one lump sum to go through the retirement formalities. In addition, you can also pay 15 old-age insurance for residents who are 60 years old at one time, and you can get a pension. Old-age insurance, the full name of social basic old-age insurance, is a social insurance system established by the state and society according to certain laws and regulations for workers to reach the working age limit stipulated by the state to terminate their labor obligations or to retire from their jobs because of old age. Endowment insurance is an important part of social security system and one of the four most important social insurances. The purpose of endowment insurance is to protect the basic needs of the elderly and provide them with a stable and reliable source of life.

Social security participation must meet the age requirements of employment such as labor law. As a minimum, as a child worker under the age of 16, he naturally cannot participate in social security, and as a minor worker, he can participate in insurance. Maximum limit: those who exceed the statutory retirement age cannot participate in employee social security. Those who participate in the basic old-age insurance for employees who pay less than 15 years when they reach the statutory retirement age can extend the payment to 15 years. If the insured before the implementation of the Social Insurance Law and the extension of payment is less than 15 years after 5 years, it can be paid to 15 years in one lump sum. Employees who have reached retirement age by participating in endowment insurance and those who have not participated in endowment insurance can go through retirement formalities after completing endowment insurance 15 years, and enjoy a monthly pension after retirement. One-time payment formula for old-age insurance, (government subsidizes individual payment) × payment period 139 Basic pension Basic old-age insurance requires the insured to pay before the national statutory retirement age. Those who have reached retirement age and paid more than 15 can receive a monthly pension. Pension level is calculated according to the length of payment period and the level of payment base. The old-age insurance for urban and rural residents requires that insurance premiums be paid before the age of 60, and pensions be received when they reach the age of 60.

Legal basis:

People's Republic of China (PRC) Social Insurance Law Article 2 The state establishes social insurance systems such as basic old-age insurance, basic medical insurance, industrial injury insurance, unemployment insurance and maternity insurance to protect citizens' right to get material help from the state and society in the event of old age, illness, industrial injury, unemployment and maternity.