Post-Entrepreneurs: Self-Employed People in Retirement

Abstract

One central aim of people is to maintain a decent standard of living and quality of life into old age. However, even the best financial literacy is not enough to deal with the imponderables of the future. For this reason, to help people reach these goals, most countries design their old-age security as a three-pillar system composed of statutory, occupational, and private pension schemes for employees. Nevertheless, self-employed people must rely heavily on private old age insurance to maintain their living standard after retirement, as they are not covered by occupational pension schemes; statutory pension systems in general only ensure a subsistence level with a few exceptions, as in Austria.