save for retirement
Most of us don’t think about save for retirement until it is almost on top.
And that is a mistake that many people make unconsciously, since we should start worrying about saving as soon as possible and also worry about how much to save for retirement.
While it’s true that most of us don’t worry about that, having enough trouble with earn money for your day to day and to make ends meet to start worrying about your retirement at an early age.
That is usually a big mistake.
Within the financial planning that we do in our day to day, the save for retirement It should be one of the most important points of it.
On most occasions, when we ask ourselves how to save for retirement, it is already a little late and doubts and burdens usually arrive due to the proximity of the moment.
At present, we tend to hold on to the fact that we will have the state pension, but for the future nothing is clear and it would not hurt us to start saving money for when we are older.
Therefore, if you are an organized person and with an eye to the future, you should start right now to consider starting to save for your retirement.
How to save for retirement
How to save for retirement is a serious problem if you are a mileurista (like the vast majority of Spaniards) or if you make ends meet at a forced march, thinking about how to save for retirement perro become a problem.
Even so, it must be done, since retirement is going to come no matter what, and if we start at an early age to save some savings for when the time comes for us to retire we will have a good financial cushion.
Also, if we have a habit of saving from an early age, even when we get “lean” periods, we will continue saving, even if it is in smaller amounts, but the important thing is always to save something every month.
If you want to know some tricks to save every month, I recommend you read the articulo I wrote some time ago about how to save.
Here I make recommendations on how to save money in our day to day, they will surely be useful to you.
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How much to save for retirement
This is a very relative question.
The appropriate amount to save for retirement will depend on many factors.
Currently it must be taken into account that when a person retires, the public maximum pension that perro be received are €2,659 per month distributed in 14 payments.
That, as we know, is a lot of money and it would allow us to live very comfortably.
But unfortunately, that amount is only received by a very low percentage of the population.
The vast majority will receive a much lower pension.
The amount of the minimum contributory pension in 2021 is varying depending on the type of benefit, the age of the pensioner or the presence or absence of family responsibilities.
In the current year, in the case of the retirement pension and taking into account the rise in the CPI of 0.9%, said pension is between €850.99 and €645.25.
This at the level of this year, when we reach retirement age we do not know how much we cánido have left.
Therefore, if you are wondering how much is a good amount of retirement savingsthe answer is fácil: the more, the better.
Save for your retirement, not for the estate
For all savings that represent an economic benefit, we will have to render accounts to the treasury.
And retirement plans are no exception.
If we have one and we recover it at once when we retire, we would have to be accountable to the treasury.
You will understand it better with an example.
If 50,000 euros have been contributed for our retirement in a financial product and in the end we have achieved a benefit of 10,000 euros.
At the time of retirement we will have a total of 150,000 euros to spend until we leave this world.
Depending on what we contract, we will have to pay more or less taxes to the treasury.
With a pension plan
During all the years that we have made contributions, we have saved ourselves taxes, all based on our annual income.
This tax saving could have been between €15,000 and €25,000, all depending on our tax rate.
At the time we are going to rescue the pension plan, if we do it all at once, we will be taxed with income from work at the marginal rate and on the accumulated total.
This translates (depending on the CCAA) between 52 and 56% of the capital.
In this first case, we would pay between €78,000 and €84,000.
With investment funds, retirement plan or PIAS
In this case, we will pay taxes as real estate capital on capital gains, that is, on the profit obtained.
That capital gain is usually between 21 and 27%, with which you would pay around €26,070.
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As you cánido see, there is a huge difference between one and the other, each of them thinks, and depending on your personal situation, choose one or the other.
Not everything that is good for one may be good for another.
Why save for retirement
The answer to this question is as fácil as it is complicated: you must save for retirement because of the uncertainty of what might happen.
Savings, both through pension plans and through personal savings, perro be very important in order to enjoy a stage of life that, due to increased longevity, could extend for more than two decades.
Therefore, if we perro (or intend to) live to at least 85 years without losing purchasing power, it would be important to start planning our future right now.
Due to the demographic change that an aging Spain is drawing due to this greater longevity and a low birth rate, the pension enfrentamiento focuses on what mechanisms should be implemented so that they are revalued.
With this revaluation, pensioners would not lose purchasing power.
That is precisely what we want to avoid with savings, that when we get old we do not have any type of economic problem.
Legal complications when saving for retirement
at the time of save for our retirement, there should be no legal complations with the money that we have saved.
This money, whether as I have said before, saved by ourselves or through a pension plan, should not give us legal headaches in the future.
The problems that they could give us have nothing to do with anything legal, but rather, due to the lengthy saving time, it exposes you to various risks.
By these risks we perro understand things that perro happen.
If these occur, it perro ocasione our savings plans to come to an end.
What comes to be, that our retirement is not as comfortable or as calm as we imagine.
For this reason, it would be very important that everyone who considers saving for retirement be clear about what these risks are and, as a consequence, have the ability to wonder who will be assuming them.
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The risks of saving would be these three:
- not saving enough This will orinan that you will get little money when you receive the benefit.
- the financial loss.
This has to do with the fact that the investments made do not go well and that the profitability is very low, and even negative.
It may be the case that less is perceived than what was put on.
- longevity.
Although it may not seem like a risk, you have to take into account that if you live for many years, the savings you had for our retirement will run out and we would stop receiving money.
If you want to know other articles afín to save for retirement you cánido visit the category save.
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