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Saving for retirement

Saving for retirement is worthwhile, as by regularly saving even a small amount, you supplement your statutory pension. Saving for retirement provides financial security and lets you influence your income during retirement. The sooner you begin, the smaller the sum you need to start saving for retirement.

Alternatives to voluntary retirement saving 

  • Investing in a fund on a monthly basis is an easy and effortless way to start saving for retirement.
  • By saving through insurance, you can invest in funds and investment baskets. You can change investments within the insurance policy without tax consequences. 
  • By investing in stocks, you can expect a larger return on investment, but this also involves a greater risk. 

When saving for retirement, your investment horizon is long, and you should take the expected return on investment into consideration. With a long investment horizon, the risk is smaller, as fluctuations in the stock market play a smaller role.

Do you already have voluntary pension insurance? 

Once you have reached the retirement age stated in the insurance terms and conditions, you can begin withdrawing your pension whenever you want. If you wish, you can postpone the payment of the pension if you have not yet retired. See the instructions on how you can start withdrawing your pension or postpone payment. 

Supplement your income during retirement

It's advisable to save for retirement independently in addition to your statutory employees' pension or self-employed persons' pension insurance. Even if your retirement age is still far off, it's a good idea to give the matter some thought. How much will your income decrease when you retire? What will happen if your work ability or career does not last until your planned retirement age? Saving for retirement provides financial security and freedom for your retirement years. 

See how much pension you have accrued

Estimating your pension can be difficult, but it will probably be only around 30% to 60% of your salary. Check how much pension you have accrued easily in OP-mobile or with the pension calculator at tyoelake.fi/en. When you know what your income will be after retirement, it is easier to calculate how much savings and investments you should have in addition to your statutory pension. Check your pension record:
Open OP-mobile > Accounts and cards > Pension record 

It pays to start saving for retirement in good time

The most important thing is to start saving early – preferably in your 30s or even sooner. When you begin saving for retirement early, you can get started even with a small monthly amount and have time to accumulate considerable pension savings before retiring. Once you know your future pension, you can calculate how much retirement savings you should have. 

Retirement savings calculator, or compound interest calculator

See how much you could save for retirement depending on how much you put away each month. The retirement savings calculator can also suggest suitable ways for you to invest your money. Start saving for retirement today.


Savings bring more freedom to your retirement years

With retirement savings, you can:

  • Supplement your statutory pension and income during retirement.
  • Retire at the same time as your spouse.
  • Use your savings on hobbies and travel during retirement.
  • Prepare for larger housing-related costs such as renovations.
  • Purchase health care and medical services from private service providers.

Investment always involves a risk. The value of investments can rise and fall, an investor can lose part or all of the money they invest, or may never receive the expected return. OP funds are managed by OP Fund Management Company Ltd. Investment services are provided by OP cooperative bank.