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Retirement Calculator: Finland

Project your retirement savings year by year, in today’s money after inflation, with the income a 4% withdrawal supports and your financial-independence age.

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Finland: a coefficient fixed at 62 cuts your pension for life

Finland does something no other country in this calculator does. Before your earnings-related pension is paid, it is multiplied by a life expectancy coefficient, and the result is permanent.

The coefficient compares how long your cohort is expected to live against the 2009 base year. For those born in 1962 it is 0.94692, for 1963 0.94759 and for 1964 0.94643: a cut of a little over 5%, for life. It is confirmed for each cohort at age 62 and never changes afterwards, so by the time you can see your number it is already settled.

This is not a means test or a penalty. It is the mechanism by which Finland holds pension costs steady as people live longer, and it applies to everyone.

What accrues, and when you can take it

The earnings-related pension accrues at 1.5% of gross earnings a year from age 17, including over some unpaid periods such as caring for a child under three or studying for a degree. In 2026 the total TyEL contribution is 24.40% of wages, of which the employee pays 7.3% and the employer an average of 17.10%.

The lowest old-age pension age is 65 for those born between 1962 and 1964, having risen in three-month steps from 63 and a half for the 1956 cohort. For anyone born from 1965 it is tied to life expectancy and moves at most two months per cohort. The obligation to insure ends at 70 for those born from 1962.

Waiting past your lowest age raises the pension permanently by 0.4% a month, which is the lever that offsets the coefficient. The age at which the two cancel out is what Finland calls the target retirement age.

The safety net, and where private saving goes

Two Kela pensions sit underneath, and both are reduced by earnings-related income rather than paid alongside it. The full national pension is 787.07 euros a month living alone, or 702.69 in a relationship, and it reaches zero once your earnings-related pension passes 1,624.63 euros. The guarantee pension is 990.90 euros and is not payable at all once total gross pensions exceed 982.90.

For private saving, the equity savings account is the common wrapper: up to 100,000 euros may be invested, and gains are taxed only when you withdraw. Capital income is taxed at 30% up to 30,000 euros and 34% above, which is the rate to use for the return on anything held outside a pension.

For how the calculation works, the formula behind it and what it leaves out, see the full guide. For help interpreting a result or comparing it with a quote or statement, read the questions and answers.

Data sources

Finnish consumer finance conventionsFinnish Centre for PensionsWithin its effective period

Every document each dataset was read from, its notes and how the figures were checked are listed in the guide's data sources.

This calculator in other countries

Each country has its own rates, thresholds and rules, and its own page that runs the calculator on them and cites the official sources they came from.

CentExactCalculator publisher

CentExact publishes the calculation method, worked examples and available data sources. Automated checks cover reference calculations; they do not certify a result for your circumstances or imply approval by a lender or tax authority.

How we build and test our calculators

This calculator is for general information only and is not financial advice. Results are estimates based on the figures you enter and the stated formula; lenders and providers may round or calculate differently. Check any decision with the institution involved or a qualified adviser.