With pension saving, you put an amount of your choice into a virtual piggy bank every year to save up for retirement. And, under certain conditions, you can even earn some of that money back thanks to a possible tax reduction.
Although you’ll also already be entitled to a statutory pension for which you don't have to save yourself, unfortunately that will probably not be enough to live comfortably. According to the OECD* (Organization for Economic Cooperation and Development), the average statutory pension in Belgium is 60.9% of your final net salary as an employee. Even though this percentage may vary depending on your personal situation, this means that you will suddenly have to make do with about 39.1% less income as soon as you stop working.
Luckily, there’s also some good news: the earlier you start your pension savings, the more money will be waiting for you once you retire! Moreover, there are only three conditions to be able to get started:
As soon as you start saving for retirement, it will only benefit you to continue saving until your 60th birthday. This way, you avoid the extra final tax you would have to pay if you would withdraw your saved amount earlier. In turn, continuing to save for retirement from age 60 to 64 does not result in additional taxes, but it does grant you additional tax benefits.
In addition, you can start with pension saving in two different ways:
**OECD (2023), Pensions at a Glance 2023: OECD and G20 Indicators, OECD Publishing, Paris, https://doi.org/10.1787/678055dd-en.
"}},{"componentType":"highlight","richBody":{"value":"You can make deposits into a retirement savings fund as well as retirement savings insurance within the same year?
"},"textLinks":[{"text":"Read more about all our pension savings options here.","url":"/en/individuals/pension"}],"title":"Did you know?"},{"componentType":"sectionTitle","title":"Two maximum tax-deductible amounts for pension savings in 2025"},{"componentType":"paragraph","richBody":{"value":"How much you should put into your own savings account each month differs from one person to another. When it comes to the maximum amount for your pension savings, however, there are certain guidelines that you can follow.
Everyone saving for their pension in 2025 can choose between two maximum tax-deductible amounts to save this year:
Would you like to build up some extra pension savings? Then there are some important things you should know if you opt for those 1,310 euros:
At ING, you not only get to choose the amount that you save, but also the distribution of your deposits throughout the year. Saving a fixed amount each month through direct debit or depositing the full amount already in January? It’s up to you.
Already have a pension savings fund with ING but want to increase your savings to 1,350 euros? That too can always be done easily with the ING Banking app or via Home'Bank.
Are you saving via a pension savings insurance? Then we would be happy to welcome you at one of our ING offices to change your choice of maximum amount.
"}},{"componentType":"sectionTitle","title":"Invest in your future today"},{"componentType":"paragraph","richBody":{"value":""},"textLinks":[{"text":"Compare our various pension savings options and get started right away with the solution that works best for you.","url":"/en/individuals/pension"}]}]},"hasMacro":false,"id":"e1a1605c-dcf6-4d74-872b-6eefb6c8f3ce","legalZone":{"flexComponents":[{"componentType":"paragraph","richBody":{"value":""}}]},"localeString":"en-GB","mainHeaderZone":{"backLink":{"textLink":{"text":"Studies and work","url":"/en/individuals/my-life/studies-and-work"}},"componentType":"editorialHeader","coreHeader":{"body":"But what exactly is the maximum tax-deductible amount for pension savings in 2025? And how do you get started? You can discover the answer to all these questions here.","subtitle":"Pension saving? That might be the last thing you want to spend your first paycheck on. Still, it's smart to start thinking about this as soon as you land your first job. By saving up for retirement, you will not only give yourself a nice head start for the future, but you'll also pay less taxes every year starting now.","title":"What is the maximum tax-deductible amount for pension saving in 2025?"},"date":"2025-01-09","readingTime":0},"publishDate":"2025-01-13T11:22:07.339+01:00"}}