Your old-age pension accrues on the basis of your confirmed YEL income. The amount or monthly pension for one year's entrepreneurship is calculated by multiplying the annual YEL income by the accrual percentage and dividing the result by 12. The accrual percentage is 1.5 for those under 53 years, and 1.9 from the age of 53. If you continue working without taking out your old-age pension at 63, your pension will accrue at 4.5% per year. According to the agreement on a pension reform in 2017, the accrual rates will be standardised.
You can take out your old-age pension at your own discretion at the age of 63–68. The age limits will be raised as of 2017 for those born in 1955 and later.
Submit your pension application approx. one month before you plan to retire. You do not have to close down your business in order to apply for old-age pension. The YEL insurance is voluntary for old-age pensioners.