Proper Retirement Planning: The Dual Benefit of Early Savings
Individuals who commence retirement planning early benefit significantly in the long term. This section outlines available options and optimal times to initiate such planning.
Retirement planning – when is the right time?
“I'll take care of it later.”
This is probably the most common phrase when it comes to retirement planning. But time plays the biggest role when it comes to building wealth. Those who start early benefit particularly from the compound interest effect—and can build up solid security for their old age with comparatively small contributions.
In this article, we show you why it is worth starting to plan for your retirement early on—and what options are available to you.
Why early prevention is so effective
The earlier you start saving, the more growth potential your capital has. This is due to the so-called compound interest effect:
interest is paid not only on the capital you deposit, but also on the interest you have already earned.
Example:
Someone who starts at age 25 has to invest significantly less per month than someone who starts at age 40 in order to have the same amount available later on.
What options are available for retirement provision?
Private pension insurance
This form of pension provision offers you a guaranteed monthly pension in old age.
Depending on your preferences, you can choose between a traditional option with security or a fund-linked solution with higher potential returns.
Ideal for:
• People with a longer investment horizon
• Anyone who wants to make provisions for their retirement independently of the statutory pension scheme
Company pension scheme (bAV)
With occupational pension schemes, you save directly through your employer – free of tax and social security contributions.
Employers often even add a little extra.
Advantages:
• Contributions directly from gross wages
• government-funded
• perfect for employees
Riester & Rürup pensions
These two forms of provision are aimed at specific target groups and offer government subsidies:
• Riester pension: Particularly attractive for families with children and employees
• Rürup pension: Tax benefits for self-employed individuals and high earners
Important: The subsidy is subject to certain conditions, so it is worth seeking individual advice.
Our conclusion: Better today than tomorrow.
Retirement planning doesn't have to be complicated – and it certainly doesn't have to be expensive.
The earlier you start, the more relaxed you can be about the future.
Whether you are an employee, self-employed, just starting your career, or a family person – we can help you find the right solution.
Well informed. Well insured.
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Frequently asked questions
Do you have questions? Here you will find answers to what our clients most frequently ask us. Should further inquiries arise, we are available to assist you personally.
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