In January 2024, the Pensions Agency estimated that there are 2.3 million Swedes with a public pension. Seven months later, in July, the authority determined that the average public pension was SEK 15,600.
However, there was a difference between the average for men and women, who received a general pension of SEK 16,700 and SEK 14,500, respectively.
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Photo: Fredrik Sandberg/TT
In addition to the general pension, many people have occupational pensions. More specifically, nine out of ten employees receive such a pension paid by their employer.
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Common advice: Start saving for retirement early
But in addition, many people have private pension savings. According to the Swedish Pensions Authority, it can be particularly valuable if, for example, you want to retire early, but still have an “acceptable” pension, or if you have worked part-time for longer periods of time.
“In most cases, working part-time for long periods means you also get a lower pension because you don’t earn as much for the pension,” they write on their homepage.
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Photo: Pontus Lundahl/TT
For many, private pension savings is also a way to have some extra money to move around with once you have left working life.
– A good rule of thumb is to save 10 percent of your gross salary, and that half of that should go to private pension savings, has Trifa Chirehpension economist at Länsförsäkringar, previously told TT.
Like many other economists, Chireh recommends starting retirement savings early.
– The earlier you start, the less you need to save each month. A few hundred Swedish kroner can become a lot of money over time. Then you can increase the savings, as the economy allows.
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Photo: Henrik Montgomery/TT
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Then it is not time to save for pension
But can you start saving too early, and are there any situations where saving for a pension should perhaps not be a priority? News24 asked Frida Brattsavings economist at Nordnet Bank.
– Yes, it is usually said that it is good to start saving early because then you have the opportunity to have a long time horizon for your savings. But it’s very often not that simple in reality, she notes and states that it’s a good idea to make sure you have certain other things in place before you start saving for your pension.
– One is to have a buffer for unforeseen expenses. That’s number one. Then there are perhaps other things you need to save for, such as a driver’s license or a home.
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Frida Bratt. Photo: Press image/Nordnet Bank
It may also be the case that you are in a life situation where saving for retirement feels far away, for example if you are studying.
– In the early phase of life, there are simply other things you need to save for. But one has to think that, for example, studies enable work that means pension later on.
Photo: Izabelle Nordfjell/TT
Once you have a fixed income, however, it is time to start thinking about your pension savings.
– Then it might be good to start saving for increased security and freedom in the future. But the most important thing from a pension perspective is to make sure you have an occupational pension – that is the most important thing for your future pension.
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