Retirement benefits are usually too low
There is a huge gap between desire and reality for the majority of citizens, especially for women. And important aspects of retirement planning are neglected, survey shows.
A study shows that men's and women's expectations for retirement savings differ significantly. For example, just about a quarter of women expect to have adequately provided for retirement, compared to more than four in 10 of men. The issue of long-term care is only included in the planning of around ten percent of both sexes.
What does retirement planning in Germany look like?? A representative survey conducted by the market research company Kantar on behalf of a financial services institute shows that women are more pessimistic than men about their financial future after retirement. And hardly anyone thinks about the long-term care factor.
For the study, more than 2.000 adults surveyed online. The participants came from all over the Federal Republic and had to be at least 18 years old.
Long-term care an issue for hardly anyone
Just ten percent of women and twelve percent of men take into account possible costs for long-term care when planning their retirement. At the same time, experts have been warning for almost ten years about the rising costs that private individuals will have to pay for their care.
Even now, a person in need of long-term care has to pay an average of more than 2.400 euros a month out of their own pockets – and the trend is rising.
Life expectancy should be taken into account
The factors of disposable income (women: 39 percent, men: 49 percent) and the desired or required standard of living in retirement (women: 36 percent, men: 44 percent) are taken into account considerably more when planning retirement provisions.
The survey also shows that men are more likely to worry about how long they will even live after retirement. 26 percent said this was the case, compared with 18 percent of women.
This is an important factor to take into account when planning for retirement. Because those who live longer also need financial security for longer – and this is where women are particularly in demand. According to the German Federal Statistical Office, average life expectancy is currently 78.5 years for men and 83.4 years for women. Women thus live on average around five years longer than men.
Retirement: women don't expect to get much money
Women invest around 1.500 euros on average a good 500 euros less than men in old-age provision. The "desired income in retirement" is correspondingly lower, at 30 percent annually for women, according to the study.230 euros. Men, on the other hand, give 35.320 euros to.
42 percent of women complain that after deducting fixed costs, they do not have enough money left over to invest in old-age provision. Only 21 percent said they had already made adequate provision for retirement.
Although both men (65 percent) and women (61 percent) make provisions for retirement, only 26 percent of women expect to have adequate retirement provisions. For men, on the other hand, the figure is significantly higher at 43 percent. According to a survey conducted by the market and social research institute Insa-Consulere GmbH, only 23.6 percent of respondents felt they had enough security for their retirement.
Make use of expertise
The amount of the statutory old-age pension, if one is entitled to it, is generally not even half of the previous earned income as it was before retirement. That's why everyone should take care of their retirement planning early on.
Who would like to know, which income will be to him presumably altogether at the disposal in the age of retirement, can be advised by an insurance specialist. With the help of the appropriate computer programs, the expert determines not only the probable statutory pension amount on an individual basis, but also the income from other income such as rentals and investments.
Furthermore, taking inflation into account, the specialist can determine whether the expected disposable income is sufficient to maintain the current standard of living in old age, or how much additional retirement savings will be needed to do so.
Even those who believe they have no financial leeway for a pension should consult an expert, because some pension options – for example, with the help of a state subsidy – only become apparent after a thorough analysis.