Have you thought in plan your retirement? As we know, the pension system is seriously affected by socioeconomic circumstances. The increase in life expectancy makes its long-term viability impossible.
Even now, the income for pensioners lead to a decrease in real monetary availability. Therefore, prepare in time, decide well and find alternatives to complete the pension, is essential.
Therefore, we encourage you to anticipate and adopt complementary measures that allow your retirement from work to be more economically favorable.
1. Why should you plan for your retirement?
The payments received in retirement are always less than the last salary in the last job. The half contributory pension in Spain is 1.137,99 euros and the non-contributory one is 751,47 euros. Don't you think these figures are too low to live with the quality you deserve during this golden age?
It must also be taken into account that some assistance needs are usually expensive. Did you know around 60% of places in residences in Spain are private? When an elderly person or couple requires a caregiver, a day center or residence in a nursing home, their financial problems increase.
For this reason, companies are already emerging that offer specific financial solutions for this type of audience if they own a home. It is an emerging market, with an upward trend, that perfectly reflects the growing interest and concern that these issues arouse.
From 2023, the retirement age with 100% pension has been established at 66 years and four months. It may seem like there is still a long period ahead of you, but we recommend that you start as soon as possible. plan your retirement. With proper planning, you will get better ingresos with less effort.
Would you like complete your pension substantially without assuming great sacrifices? At WorkCapital we want to help you achieve this. Take note!
2. What you should do to increase your future income for pensioners
Do you know where to start complete your pension significantly? Planning is the key. If you follow this five-step action plan, you will be much closer to increasing your income for pensioners.
Calculate what your retirement benefit will be
It is the essential starting point: establishing how much will you earn when you retire, depending on your work life and circumstances. There are calculators online that you can use to get that estimate. As soon as you know that information, you can start planning what retirement you want and how you can achieve it.
Anticipate your expenses and disbursements
To anticipate your expenses, you must make a prospecting work and try to analyze what expenses you will need at that stage. Base yourself on a thorough analysis of current costs and extrapolate them to the future. Additionally, set aside items for other special assignments, such as medical assistance, caregivers, travel, etc. You must also consider the current costs to make the projection.
Start saving
If you want to maintain your purchasing power after retiring, compensate as soon as possible the difference between the previous payroll and subsequent income for pensioners.
You can start with a minimum monthly savings amount, for example, 10%. The important thing is to make it a habit. As you approach retirement age, you will have to increase these numbers. For example, 5% more each year.
Purchase a savings product
When you have already saved a specific amount, it is time to make the most of it and put your money to work.
It is time, of course, to become interested in the pension plans and, why not, hire one. They have obvious tax advantages from which you can benefit.
Become an investor
This is the last step in this evolution focused on complete the pension with sufficiency. Given the current economic and financial panorama, the profitability of pension plans is no longer so interesting.
There are other ways to take advantage of savings. For example, invest in alternative financing or in other comparable products. Do it only if you are sure, convinced and have a safety cushion for unforeseen events.
As you have seen, plan your retirement It is important and only brings advantages. If you really want to expand your futures income for pensioners, get going as soon as possible.
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