Five tips that will save you hundreds and thousands of shekels a month

On the one hand you are comparing flight prices and bargaining for discounts on buying products, but on the other you are not really aware of the great money you can save each month - and enjoy it in the present and in the future. Get some tips to make your retirement savings more efficient and save you a lot of money

Monitoring pension savings is the really hard part (Photo: ShutterStock)

Bills of shekels (Photo: ShutterStock)

Pension savings are your most important savings in life: The amount of money you retire for years of work is the one that can save and earn you after you retire. Therefore, there are two important things to keep in mind: saving pensions from an early age and keeping track of pension savings over the years.

Keeping track of retirement savings is the hard part. This is an area for many that is complex and complicated and the fact that the savings will be realized only a few years ahead also reduces the desire to be interested in doing so. That's a mistake, of course.

In a reality where almost 30% of each of us' s gross salary is directed to pension savings (8.33% is usually referred to compensation, 7.5% employer compensation, 7% employee benefit, 7.5-10% training fund) most savers do not even bother to check if the routes they invest in Their money is right for them, is it possible to maximize the return on them, lower the management fees and more.

Here are some tips to help you maximize your retirement savings, save unnecessary payments that will save you a lot of money each month and make your retirement portfolio efficient and targeted.

Check the management fee

The average management fees for savers from the age of 35 to retirement will range from NIS 100,000 to NIS 250,000 depending on his salary. Is it true that before every vacation you compare hotel prices and try to find the cheapest flight, when you go shopping online or in the mall always happy to buy in Sail and not once do you find a worthwhile business that provides you with a chef's meal at an equal price per pocket? There are many more examples of how in the day-to-day we save a lot of money by testing alternatives, so why not act like that when it comes to retirement savings.

Many do not know how much management fees they pay and are not aware that the amount can be bargained for or a lower alternative found in another investment body.

The maximum allowable management fee is up to 6% of the current monthly deposit and up to 0.5% of the annual accrual on the portfolio.

Negotiating the amount of management fees with the body managing your pension portfolio can save you tens and even hundreds of shekels a month, depending on the amount set aside for savings.

It is true that before a holiday you compare hotel prices and look for deals? Why not act like this when it comes to retirement savings? (Photo: ShutterStock)

Calculating money using laptom and smartphone (Photo: ShutterStock)

Conduct a market survey between the companies

There are many bodies that offer pension savings, there are differences in prices and coverages and you should, for a while, preferably at least once a year, examine the market situation and see if there are more economically viable alternatives. Remember: When it comes to securing a sizeable chunk of your monthly salary, every fraction of that translates into tens and hundreds of shekels in aggregate.

To compare pension insurance companies click here

Avoid double insurance

The insurance sector suffers from a double insurance phenomenon, with one in three Israelis unnecessarily paying for double insurance. Before Walla data! Robin Pension The most common areas are in health insurance (33% of insurance multiples) and in the field of personal accident insurance (35% of insurance multiples). The financial significance of the safe multiplication is estimated at an additional NIS 3.6 billion a year, which is NIS 1,600 per person per year. Check carefully that you do not have any insurance multiplication which will make you pay a lot of money unnecessarily.

Do you also pay double on insurance? Click here and find out

Adjust your pension insurance paths to your personal / family status

The pension savings products offer you a variety of investment paths at different risk levels. It is therefore advisable to check and familiarize yourself with the different paths to suit your life situation in terms of marital status and salary level at work.

At a young age, the tendency is to save on high-risk pathways, but over the years it is important to keep up to date on the type and level of risk there, so that you do not lose much money in the years you are close to retirement age. A proper and solid investment track at the right age and when you are already parents and even grandparents may prevent a financial loss on the pension you receive upon retirement.

The difference in yields between the more risky stock and the much lower-yielding shekel tracks can produce a more than two-fold gap in future pensions on the one hand, but exposes you to risk in older ages. Hence the importance of adjusting the level of risk - maximizing and preserving funds that might disappear from the pension savings if you did not follow the different paths in which your money was saved.

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Use a website that will save you hundreds of dollars a year in pension savings

Today's technology allows you to keep track of your money from anywhere and anytime, so why not use it in the context of retirement savings as well. Walla Website! Robin Pension is currently popular in Israel for long-term savings and insurance planning and management. To make life easier for you, we have created a site for you that compares pension plans, checks whether you have double insurance and offers attractive routes, so that in just a few minutes you can see where it is best to save and how much money you will save.

Walla! Robin Pension analyzes for you all pension information received from the pension clearinghouse and, in accordance with the information, offers recommendations and suggestions for improving the state of savings in each of the parameters affecting the level of retirement savings and the state of insurance, such as redundant insurance multiplication or lack of basic coverage (from which the affordable offer is available to the acquirer, Site). Walla! Robin Pension already helps over 200,000 active users and can help you too.

For a free trial in Walla! Robin Pension

* The sale of the product or service will be done by Robin Hood Pension Insurance Agency (2016) Ltd. ("Robin"); the information presented in this article in relation to the product and service is Robin's information and is responsible for our content