Self-employed persons can retire just like employees. The most common way to retire is on old-age pension between the ages of 63 and 68.

In addition to old-age pension, self-employed persons have the possibility to receive partial old-age pension or, if they lose their work capacity, disability pension or years-of-service pension. The family of a deceased self-employed person can receive survivors’ pension.

As an entrepreneur you need to take care of your own pension cover. The size of your pension depends on your YEL earned income. The larger the earned income, the better the pension.

You may wish to continue working as an entrepreneur even after you begin to receive a pension. You are free to continue working alongside your old-age pension or partial old-age pension, without limitations. Working while on disability pension is, however, limited.

Remember the following: If you receive part-time pension, partial old-age pension, disability or partial disability pension, or years-of-service pension but continue working as a self-employed person, you should keep your YEL insurance valid. If you, however, receive old-age pension, your YEL insurance ends automatically. This will take place whether you continue your work or establish a new company. In that case you can take out voluntary YEL insurance. It will enable you to accrue pension through your self-employment.

Remember that you always have to apply for pension. For more information on retiring, go here.

For information on how the pension reform will impact your pension visit this link.