Before retirement
Earnings-related pension accrues from your work. Find out your future pension estimate today.
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Prepare for retirement
Retirement is one of the biggest changes in your life. It affects your finances, livelihood, leisure time, and social relationships. That’s why it’s good to prepare well in advance. Consider at least the following:
- What will your future pension amount be?
- How will your livelihood be arranged during retirement?
- What is the right time for you to retire?
- How will healthcare be organised when occupational health services end?
- Do you need to notify anyone about new contact details, such as an email address?
You can find more information about different types of pensions in the Apply for a Pension section. In the online service, you can regularly check your earnings-related pension record and use the pension calculator to make various estimates of your future pension amount.
If your work ability deteriorates during your career, you can get support through vocational rehabilitation or a disability pension.
Amount of earnings-related pension
The Finnish statutory pension system consists of two types of pensions: the earnings-related pension and the national pension. The earnings-related pension accrues from work. The longer you work, the higher your earnings-related pension will be. The pension is paid by a pension provider, such as Elo, and it forms the basis of your pension security. If your earnings-related pension is small, you may also receive national pension from Kela.
Earnings-related pension accrues at 1.5 percent per year: for employees based on gross annual earnings and for entrepreneurs based on YEL income. Pension also accrues from work done while receiving pension and from earnings-related benefits.
Other factors also affect the amount of your pension, such as possible work abroad and the life expectancy coefficient. The amount of pension also depends on the type of pension.
Check your pension record annually
Check your pension record annually in the online service, to know the amount of your future pension and to ensure your pension accrual is correct.
You can find up-to-date information about your pension on the online pension record. The record shows how much pension you have accrued from different employment relationships and, as an entrepreneur, from your YEL income. It also includes information on pension accrued from periods without employment, such as unemployment benefits or sickness allowance.
Pension indexes
The purpose of indexes is to ensure that the level of pensions remains stable.
The wage coefficient is used to adjust the earnings from your working years when you retire. The earnings-related pension index is used to adjust the amount of pension and rehabilitation allowance paid by pension providers. Index adjustments are always made automatically.
