If you have your own business – or combine a business with employment – you need to think a little more about your future retirement. You might want to supplement your pension with your own savings in some form. The state pension is linked to social security contributions and thus to your declared income.
Your pension can come from multiple sources, including a public pension from the Swedish Pensions Agency (Pensionsmyndigheten), an occupational pension from an insurance policy that an employer paid into, and from your own personal savings towards a pension.
Many professional artists are both employed and self-employed. Learn what you need to know and get tips on where you can read more via links to the Swedish Pensions Agency and Swedish Tax Agency (Skatteverket). In the grey box, you can download or get a printed copy of the Konstnärsguidens Handbook on Retirement Planning.
The Swedish Tax Agency determines your pension-qualifying income
Every year, the Swedish Tax Agency determines your pension-qualifying income (Pensionsgrundande inkomst or PGI) based on the information in your income tax return. They forward the information about your pension-qualifying income to the Swedish Pensions Agency. Check that the information is correct, as it will form the basis for your future pension. You can find your pension-qualifying income on the final tax notice that you receive from the Swedish Tax Agency.
Public pension from the Swedish Pensions Agency
Your national public pension consists of an income pension and a premium pension, which are income-based. How much public pension you receive depends on how much you earned during your career.
The guarantee pension is a basic protection in the public pension intended for people who have had little or no income from work during their lives. It is primarily based on the size of your income pension and how long you have lived in Sweden, as well as on your marital status.
Occupational pension from your employer
The amount of your occupational pension depends on where you are employed. It is determined in a collective agreement between the employer or employers’ organisation and the trade unions, or directly with you as an employee. Not all employers offer occupational pensions, so it is important to find out what applies to you.
Personal pension savings
If you do not have an occupational pension through your job or are self-employed, you might need to save money towards your pension. You should ideally save a few percent of your income so that it corresponds to what an employee with a collective agreement would receive.