Minimal retirement savings a problem for half of Netherlands self-semployed

Beach chairs, Eastern Scheldt, Ouwerkerk, Schouwen-duiveland, Zeeland
Beach chairs looking out on the Eastern Scheldt from along the Nieuwendijk in Ouwerkerk, Schouwen-duiveland, Zeeland. July 2018photo: joophoek / DepositPhotos

Nearly half of self-employed people in the Netherlands don't save enough for their pensions - 43 percent of Dutch self-employed will not be able to retire with an adequate pension on their current rate of savings, according to a study by the Economic Statistical Bulletin, RTL Z reports.

Especially the self-employed in the mid range of income - between 32,100 and 40,599 euros - seem to have trouble building up their pensions when compared to their employed counterparts. In this group, 56 percent have no adequate pension. Only 30 percent of employees in this income group don't have adequate pension. A pension is considered 'adequate' if you retire with at least 70 percent of your annual income as pension.

Self-employed with high incomes have the most trouble when it comes to saving for retirement. Of the self employed that earn more than 53,600 euros annually, only 37 percent have saved enough for an adequate pension. 

Among the lower income groups, there is little difference in the proportion of people with adequate pension savings between self-employed and employees. This is because the state pension AOW is already sufficient for an adequate pension in many cases.