How will you earn income when you get older? Will the public pension system collapse or will it give you a tiny monthly payment? Will my health be good or will I need money to pay for hospitals, medicines or other assistance? There are many uncertainties about our future after we are 65, 67 or 70 years old. It depends on the legal age of retirement in each country. That is why it is necessary to make decisions as soon as possible to foresee and plan your finances for that period of life.
The T-Advisor financial planner helps you find a plan for your retirement. First of all, we have to answer some questions:
- The legal age of retirement and life expectancy.
- The current income.
- How much are you going to invest at the beginning and every month?
- Your level of income in your retirement and how much public pensions will contribute to them.
The life expectancy selected is the least in developed countries. This example accepts a loss in the future standard of living and low incomes of public pensions. When designing your plan, be realistic considering your options to save each month. Think of different scenarios, since you can repeat the plan as many times as you want. It is important to calculate different scenarios of life expectancy since you will have to face more or fewer periods with the savings that you have saved previously. The younger you start, the more opportunities you have to enjoy a better standard of living in the future.
After entering your figures, our investment planner will ask about your investor profile: do you like or hate the risk? The greater the risks, the more profitability possible … and the more possible losses. Let’s think you’re conservative and prefer low returns while lowering your chances of losing your money. If you are not sure, you can answer a short questionnaire.
Finally, you get a graph in the result. In this case, you have a very low probability of maintaining the selected standard of living. The chart also considers more optimistic and more pessimistic scenarios. These figures are obtained through statistical calculations based on historical data. You can always change the parameters to evaluate other cases. You also have the advanced settings to assess the effects of inflation and taxes.
For example, if you enter a larger monthly contribution, the probability of success changes absolutely.
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The last screen shows you a possible distribution of your initial contribution to your investment plan with a projection of maximum annual profits and losses.
Saving means giving up current consumption to save money for future events. The future is always uncertain, but the future of retirement is more uncertain for everyone. If you think you can survive on your future public pension, you may be making a mistake. Currently, there are different products on the market, but a plan for your own needs and situation is the best solution. Our financial planner is the first step to this.