Forecast your total retirement income in Greece. Combine EFKA state pension, ETEAEP supplementary pension, private pension savings, and investment portfolio withdrawals.
Enter your expected pension income sources and portfolio to forecast your total monthly income in retirement in Greece.
Total gross monthly retirement income
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State pension total (EFKA + ETEAEP)
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Portfolio monthly income (4% SWR)
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Replacement rate
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State pension replacement rate
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Your breakdown
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Amount
How to forecast total pension income in Greece
A complete Greek pension forecast adds four income streams: EFKA main pension (based on insurance years and earnings), ETEAEP supplementary pension (based on notional accounts), private pension plan monthly payouts (from third-pillar contracts), and investment portfolio withdrawals (at the safe withdrawal rate). Together these determine whether your retirement income meets your lifestyle needs.
Example calculation
EFKA: 850 EUR/month. ETEAEP: 120 EUR/month. Private pension: 150 EUR/month. Portfolio 150,000 EUR at 4% SWR: 6,000/year = 500 EUR/month. Total: 1,620 EUR/month. On a pre-retirement salary of 2,500 EUR, the replacement rate is 65%. With the EFKA pension alone: 34%. Private savings add 31 percentage points of replacement.
Tips and considerations
Run this forecast 10 to 15 years before your expected retirement to identify any shortfall early. A gap between your target replacement rate (typically 70% to 80%) and the projected figure is best closed by increasing private savings now. Review every 3 to 5 years as career and income changes affect your EFKA entitlement.
Frequently asked questions
What is the typical replacement rate for a Greek worker retiring at 67?
The replacement rate is the ratio of retirement income to pre-retirement employment income. For a Greek worker with 35 years of contributions at the average wage, the EFKA main pension provides roughly 50% to 60% of their pre-retirement salary. Adding the ETEAEP supplementary pension increases this to perhaps 55% to 65%. Workers who also have private pension savings or an investment portfolio can reach 70% to 85% replacement rates. The EU target for adequate pensions is 70% net replacement. Greece's state pension system alone falls slightly below this for average earners, making private savings important.
How are pension incomes taxed together in Greece?
All pension income (EFKA, ETEAEP, and private pension annuities) is aggregated and taxed under the same 5-bracket progressive income tax system as employment income (9% to 44%). The resident tax credit of up to 777 EUR applies. A healthcare contribution of 6% is also withheld from pension income by EFKA. Private pension annuity payments from authorised Greek insurers are added to the pension total and taxed at the same rates. Investment portfolio withdrawals (by selling ETF units or receiving dividends) are taxed at their own flat rates (15% CGT, 5% dividends) separately from pension income.
When does ETEAEP supplementary pension start and how is it paid?
The ETEAEP supplementary pension is typically paid from the same date as the EFKA main pension (age 62 or 67 depending on eligibility). It is paid monthly alongside the EFKA main pension, usually to the same bank account. The ETEAEP notional account balance accumulated during your working life is converted into a monthly annuity using an actuarial divisor set by ETEAEP. You cannot take the ETEAEP supplementary pension as a lump sum; it is always paid as a monthly income.
Can I receive both a Greek EFKA pension and a foreign pension?
Yes, Greek residents can receive both EFKA and a foreign pension (for example from a former job in Germany, the UK, or another EU country). EU Regulation 883/2004 coordinates social security rights across EU member states, allowing pension rights accumulated in different countries to be totalled for eligibility purposes. Each country pays its proportional share of the pension. Foreign pensions received by Greek residents are declared on Form E1 and taxed in Greece (with a credit for any foreign tax withheld). The 7% flat tax regime for qualifying foreign retirees (Article 5A) is an option worth exploring if the foreign pension is substantial.