One should deal with old-age provision at an early stage, but a comprehensive analysis is required.
(Photo: Imago/Westend61)
Frankfurt Private pension provision is important, with the state pension alone you can no longer make ends meet in old age. That has long been a truism. The only question is: How much do you have to save as a young person so that you can fit in old age? And what part of the income can you already spend today? After all, nobody wants to save for old age alone, but also want to treat themselves to something when they are younger.
The federal government’s new online portal aims to help solve this dilemma. “With the digital pension overview, everyone can see at a glance what their own security is like in old age,” said Federal Minister of Social Affairs Hubertus Heil before the portal was developed.
In fact, the site does not offer everyone the information they want: civil servants and those insured by professional pension funds are left out. This is a shortcoming that will probably remain after the test phase.
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The expectation of seeing the status of the protection “at a glance” is also not fulfilled. At best, the amount of current pension entitlements is delivered – without taking into account future taxes, social security contributions and inflation. Other values such as real estate and securities accounts are also left out. So a comprehensive overview looks different.
After all, once the number of connected insurers has increased, citizens can save themselves the search for their status notifications on paper and can call up a digital overview of their pension entitlements at any time. With this, they can go to a financial advisor or import the data into a financial app that really gives them a comprehensive view of their financial status in old age. This will also answer the crucial question of how much you actually have to save today.
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