Almost half of Dutch freelancers (43 per cent) are not saving enough for
retirement, according to the Economic Statistical Bulletin (ESB)
published on Thursday.

In the middle-income group (€32,100 to €40,599) 56 per cent are saving too
little for retirement, while for the higher earners among freelancers
(more than €53,600) 63 per cent are faced with a potential pension gap.

Among employees on payroll, 31 per cent save too little. Half of those on
higher incomes are faced with too little retirement income, but for
the middle-income group this is 30 per cent.

The ESB considers a retirement income adequate if it amounts to at
least 70 per cent of the gross household income.

A large proportion of households with freelancers are saving for
retirement via the second pillar, through pension funds and insurers.

“This can come from a previous paid employment, from a partner in the
household who is on a payroll, from the freelancer choosing to
continue to save in their previous industry fund – this option is
rarely used – and from practicing a profession that comes with a
compulsory pension fund. The latter is the case for doctors, dentists,
medical specialists, pharmacists and for painters and plasterers who
work as independent contractors,” the ESB said.

Freelancers are saving relatively little in the third pillar,
retirement savings through individual pension products. This may be
due to the flexibility these products offer to for instance balance
out less favourable years.

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