The earlier you start saving, the better - but even if you're over 50, you can still save money. You should no longer work part-time when you reach retirement age, says Giuseppe Digaeta, consultant at Stadtsparkasse München.
In the worst case, there is a risk of a supply gap. This means that when you start to retire, your monthly income is significantly lower than when your salary was transferred to your account every month. It's best for parents to start setting aside money for their children as soon as they're born, says savings bank consultant Digaeta. But you can also take care of the issue at the age of 50 and older, but then you usually have to save larger amounts to invest. The advantage at this age is that you can have a big impact even with small savings amounts, says Digaeta. But you can also take care of the issue at the age of 50 and older, but then you usually have to save larger amounts. The advantage at this age is that you can have a big impact even with small savings amounts, says Digaeta. But anyone who wants to retire in Germany at the age of 63 usually has to accept discounts. You shouldn't put all your savings into retirement provision, says Giuseppe Digaeta from the Stadtsparkasse. This includes a short-term money account in which you put aside an emergency fund. 'A well-known song says that life begins at 66 years old. I am of the opinion that life should start at the age of 63 – that is, at the earliest possible retirement,' he says. If you want to invest your money more conservatively, you can do so, for example, with private pension insurance. It is not possible to say in general terms which solution is suitable for whom, he says, and it is best for customers to seek advice in order to find the right solution. The right strategy is to diversify your investments into short, medium, and long-term investments. This pays off in old age. The best solution for one person does not necessarily have to be suitable for another, he adds, and you should seek advice if you don't know where to start.