The experts emphasize that the first pension check is due no later than in the middle of working life – and they explain what to look out for as a precaution.
What about your own retirement provision?
Many are right now asking themselves whether their future pension will be enough.
According to Stiftung Warentest, a consultation with the pension insurance company can provide clarity.
The experts from Finanztest magazine
(more information on this in issue 03/2022)
explain how to prepare for such a conversation – and what else needs to be clarified in advance.
Here is a summary of the tips.
How to recognize pension gaps - tips from Stiftung Warentest
1. Don't miss the right time for advice on old-age provision
“The older you are, the more accurately you can assess your retirement provision.
On the other hand, you can counteract a potential pension gap all the better the sooner you start with it”, according to the important information of the magazine
Finanztest.
The first retirement provision check is therefore due no later than in the middle of working life.
Did you miss the time?
"Nevertheless, make an appointment," it says
on
Test.de.
If you are married, it makes sense to get advice together with your partner.
+
Is there enough money in old age?
You should ask yourself this question in good time.
© CHROMORANGE/Imago
2. Clarify the pension account before the consultation
Before the consultation with the pension insurance company, you should bring your pension account up to date.
According to Test.de,
information
about
employment times
unemployment and illness
raising children
school or study times
If you are unsure, you should first apply for a so-called account clarification, which is also the tip of the experts - here you check the pension account together with the pension insurance.
3.
Find the right pension insurance provider for advice
Which pension insurance institution should I seek advice from?
The choice is great.
Finanztest
recommends a one-and-a-half-hour consultation that the pension insurance agency in Baden-Württemberg currently offers for old-age provision.
"Thanks to video advice, insured persons from all over Germany can also use it," says
test.de.
The best way to get in touch is by e-mail, so the advice, where you also point out that you want an intensive discussion about old-age provision via video consultation.
4. Find all notifications about the status of the pension
Have you also collected all the important information about your company and private entitlements?
This information is also important so that you can estimate your future pension as accurately as possible.
Finanztest
therefore advises looking for the annual status and pension notifications for the following entitlements before the consultation: Riester pension.
Riester pension
Rürup pension.
Company pensions – including those from previous employers
Compulsory additional pension for the public service, such as VBL
Private pension insurance
pension from a pension scheme
pensions from abroad
5. Consider inflation in private pensions and company pensions
When assessing your future pension, don't forget inflation.
“It makes sense to take this into account when making private and company pension payments.
Because increases through guaranteed interest and surpluses at the start of retirement are already included here,” the article says.
Anyone planning a loss of purchasing power of two percent per year for the next 20 years until retirement is “reasonably on the safe side”.
Insured persons, for whom the time until retirement is significantly shorter, could "calculate a higher loss of purchasing power as a precaution" due to the currently very high inflation, according to the important advice of the financial experts, who cite the following example: In five years, 1.
000 euros with an inflation rate of five percent only has a purchasing power of 784 euros.
There is also an inflation calculator
test.de.
6. Plan beyond the counseling session
What points are important to you during the consultation?
You should make notes about this beforehand.
According to the article on test.de,
particular attention should be paid
to the fact that advisors:
Systematically record pension entitlements in a document and send this to you after the consultation
Calculate the amount of taxes and social security contributions likely to be incurred and include the loss of purchasing power
Provide information on a possible later pension gap and tips on how you could counteract this.
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How high will your own pension be later?
Employees can also find key information about this in the pension information that they receive regularly.
List of rubrics: © CHROMORANGE/Imago