It is important to check and adjust the pension plans according to age (Photo: ShutterStock)
During life we go through many intersections that require proper management and planning of our pension plans - marriage, children, change of employment status, retirement and more.
Family Day is an excellent opportunity to think about taking care of the family at any point in time and planning our future according to the changing needs.
It is time to meet with a pension consultant and examine the impact on the pension savings and adapt it to the current life junction.
Until then, we have put together some important tips for you.
1. Adjusting the plans according to age
It is important to check and adjust the pension plans according to age, personal needs and the existing family situation, including adjusting the insurance coverage in the various plans, such as insurance coverage in case of loss of working capacity or death, God forbid.
Choosing the insurance route in the pension plan is very important and should be adjusted personally according to needs and family status - single, married or married with children.
It is important to choose a route that guarantees the most appropriate coverage for the need and the current family situation, so consult and make adjustments as required.
2. Leaving a job and the accompanying consequences for pension savings
Leaving jobs and transitions between jobs are common these days and therefore many workers are expected to leave and return to the workforce.
Why is it important to pay attention?
When you are in a situation of transitioning between jobs, you should independently take care of the continuity of the pension plan while settling the issue with the managing companies until you start working for a new employer with: - the
possibility of keeping your insurance rights when you stop making regular deposits
- continuing membership as an employee or as a self-employed person
- those who intend to return to work as an employee should Arrange for a re-examination of the existing pension portfolio, including the examination of the rights and conditions of the pension plans as well as the insurance coverages.
Dealing with these issues is extremely important in order not to be required in the future for health declarations every time the pension savings are renewed and for the benefit of maintaining the conditions of the existing plans.
Of course, it is desirable to consult with a pension consultant.
So how do I choose the most suitable investment path for me?
Hagit Assig (Photo: Bank Hapoalim)
3. The investment route must be examined according to age and preferred risk level,
so how do I choose the investment route that suits me best?
The different investment routes differ in the risk levels of the channel in which the money is invested, the expected rate of return, etc.
These characteristics have an effect on the scope of the accumulation in the program.
It is important to consult and choose the path that suits you best, with the goal of reaching retirement age with an allowance that will allow you to maintain the standard of living to which you have become accustomed.
4. It is important to examine the pension file of both spouses as a family unit.
When it comes to one family unit, there are couples who will request to examine the pension file of each spouse with a joint vision.
For the considerations of spreading the risk, choosing investment routes and choosing the pension plan.
Another advantage of this view is the possibility of seeing all the data of both spouses as one family unit that includes a forecast for retirement age and insurance coverages that affect the entire family.
Pension counseling at key life junctions is extremely important (Photo: ShutterStock)
In conclusion, pension counseling at key life junctures is extremely important and proper timely treatment can save a lot of money at retirement age.
Don't wait until you retire, and apply now for advice for you and your family.
Clarification: The bank is not a tax consultant.
The above is only general information and explanation, as of the date of its publication, which does not constitute pension advice, investment advice or tax advice, and is not a substitute for personal advice that takes into account the special needs of each person.
Pension counseling will be given subject to the bank's conditions.
Pension counseling for retirement involves a fee as detailed in the bank's tariff.
This does not constitute a commitment to save any amount.
Hagit Assig, pension consultant at the Hapoalim INVEST center, in cooperation with Bank Hapoalim
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