{"type":"document","data":{"contentType":"onecms:editorialPage","flexPageMetadata":{"afmBanner":false,"description":"Discover what happens with your pension savings plan in the year you turn 54 and what you need to take into account..","robotInstruction":{"noFollow":false,"noIndex":false}},"flexZone":{"flexComponents":[{"componentType":"sectionTitle","title":"A fixed maximum from the age of 55"},{"componentType":"paragraph","richBody":{"value":"

In the year in which you turn 55, something of note will happen to your retirement savings, regardless of whether you are saving through a retirement savings fund or with a pension-related savings-based insurance policy.

The amount you save in that year will be fixed for the coming years and will therefore have a decisive impact on the years that follow. There are 3 possible scenarios for this, which we explain below using an example:

Suppose you turned 54 in 2024 and...

"}},{"accordionList":[{"richBody":{"value":"

This means that you can deposit the same amount (or less) into your retirement savings plan every year from the age of 55 to 64. This amount is indexed, which means that in this scenario you can deposit up to 1,350 euros.

"},"title":"1. You deposited the maximum amount under tax law of 1,350 euros in 2025."},{"richBody":{"value":"

From the age of 55 to 64, you will be able to save a maximum of EUR 1, 050 (or less) per year. It will no longer be possible to increase this to 1,350 euros. 

"},"title":"You deposited the lower maximum amount under tax law of 1,050 euros in 2025."},{"richBody":{"value":"

In that case, the average of what you saved between the age of 50 and 54 will be calculated. Is that amount higher on average than what you saved at the age of 54? Then it will become your personal maximum. Is the average lower? Then the amount that you saved in the year in which you turned 54 will become your annual maximum from the age of 55 to 64

"},"title":"3. You deposited less than 1,050 euros into your retirement savings plan in 2025."}],"componentType":"accordion"},{"componentType":"paragraph","richBody":{"value":"

Therefore, you can no longer increase your maximum amount from the age of 55. So, if you have the means to do so, it makes sense to save the maximum of 1,350 euros in the year in which you turn 54. Then, in the years after that (until you reach 64), you will still have the freedom to maintain or reduce that amount each year.

"}},{"componentType":"sectionTitle","title":"Why is your maximum savings amount fixed at the age of 55?"},{"componentType":"paragraph","richBody":{"value":"

This has to do with the next milestone of your retirement savings plan. When you turn 60, a one-off 8% tax will be deducted from your capital. If you were able to increase your annual savings amount in the period from the age of 55 to 60, this final tax would be deferred and no longer deducted when you turn 60. 
The advantage is that you can continue to save tax-free for another 5 years after this one-off tax. If the savings amount were not fixed, these deposits would still be taxed.

"},"textLinks":[{"text":"Read the article about the final tax on retirement savings at the age of 60.","url":"/en/individuals/pension/pension-savings-60-milestone"}]},{"componentType":"sectionTitle","title":"Various milestones for retirement savings"},{"componentType":"paragraph","richBody":{"value":"

Your retirement savings plan has several milestones. If you have signed your contract before you turn 55, these are as follows:

> Up to the age of 54: You save the amount you want each year. You can save from 10 euros per month!

> In the year in which you turn 54: The amount you save this year now determines how much you can save each year until your 64th birthday. It is therefore important that you choose this amount consciously because you will no longer be able to increase it in subsequent years.

> At the age of 60 jaar: A tax of 8% on the capitalized contributions is being levied. This happens automatically. You don't have to do anything for this yourself.

> After the age of 60: After the tax has been levied, you have 2 options:

  1. You save for up to 5 more years. This way, you will continue to benefit from the tax relief every year and, what’s more, you will no longer pay tax on those latter deposits.
  2. You withdraw the money from your retirement savings plan.

> Up to the year in which you turn 64: You can save the same amount each year as the amount that was fixed as your personal maximum in the year of your 55th birthday.

> From the year in which you turn 65: From this moment on, you will no longer be able to make deposits into your plan. You can sell the fund, or part of it, to withdraw money. If you do not need it immediately, if the market conditions are not favourable, you can also leave your investment where it is. You retain the fund, and therefore also the possible return.

"}}]},"hasMacro":false,"id":"3db58af2-93db-40c1-977f-3491ac5d17a8","localeString":"en-GB","mainHeaderZone":{"backLink":{"textLink":{"text":"Pension savings","url":"/en/individuals/pension"}},"componentType":"editorialHeader","coreHeader":{"body":"When you turn 54, your retirement is not that far off anymore. You may even be looking forward to all the fun things you’ll do with all that extra free time. All the more reason then to reflect on your retirement savings efforts and how you wish to continue them over the next few years.","headerImage":{"extension":"jpg","original":"https://assets.ing.com/m/60b6386002bb1325/original/MSFGA_54yo.jpg","transformBaseUrl":"https://assets.ing.com/transform/c7230e6d-0ab7-420e-959f-95c520c57ffd/MSFGA_54yo","type":"image","width":1612},"subtitle":"The amount you pay into your savings plan at 54 will have a decisive impact on the remaining years of your plan. So, that means until you’re 64.","title":"Why is the age of 54 a milestone for your retirement savings plan?"},"date":"2025-01-23","readingTime":0},"publishDate":"2025-09-30T15:34:52.950+02:00"}}