All pensions are NOT the same.

The Swedish pension system

All Swedish citizens are entitled to a pension after they have stopped working. People can choose to start receiving their pension between the age of 61 and 67

There is a broad variety of senior housing in Sweden. Photo: Emma Jönnson/Folio

. The average retirement age today is 64.

The Swedish pension system consists of three parts – a national pension, an (employer-financed) occupational pension and private pension savings. People contribute to their national pension, which is income-based, for every year they work. There is also a small portion of the national pension called the guaranteed pension. This is for people who have had very little income or no income at all
in their life. The guaranteed pension provides them with a minimum amount each month.

Most people who have a permanent job also collect an occupational pension financed by their employer. The national pension and the occupational pension together account for between 60 and 80 percent of a retired person’s income. Many choose to supplement their retirement benefits for added security through private pension savings.

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