More and more retirement and savings calculators are appearing every day, which seem to tell us exactly how much we need to contribute today to have a golden retirement or, at least, a comfortable one financially speaking. Let’s see what other factors we should include in the equation so that our estimates are as close to correct as possible.
Why should we consider this between the ages of 30-50?
Life expectancy has been rising for decades, which has a very important consequence on our future pensions. In an article a few months ago, we talked about the pension system in Spain, and how the increased longevity of our pensioners is causing a decrease in the retirement benefits they receive when they reach that age.
Therefore, today more than ever, we must make an effort to calculate how we can increase that future and uncertain pension, which is gradually reducing its purchasing power in the face of the Government’s reforms.
How do I start saving?
Like everything else, starting to set aside money from our paycheck is key. We are not talking about not making use of, for example, 100 euros of our salary; but to take those 100 euros to a savings product. This will be the way that a consumerist impulse, such as buying a whim, will lead us to use those 700 euros that we had worked so hard to save. In the same way, this will allow us (if we put the money in a product that makes our money profitable) not to lose purchasing power.
As we explained earlier, if there is inflation and we do not invest our money, we can acquire fewer and fewer goods.
How do I know how much to save?
There are many blogs that enlighten us with the exact % of our salary that we should put into a savings product. We don’t think there is an automatic solution for this.
Each family, each person, is a world. The circumstances that surround us are completely different. Therefore, we can find ourselves with:
- people with a high salary and significant financial stability are candidates for a pension plan (advantageous taxation, lower liquidity), together with other products
- other people with more moderate salaries and a need for liquidity in the medium term would opt for other products (PIAS, SIALP, periodic savings…).
We have calculators so that you can check the profitability that you would obtain in 5-10-25 years by contributing a certain monthly amount to a product according to its profitability.
If you want to start saving, and you don’t even know where to start, we will help you for free. Just call us or contact us by any available means, and we will help you choose the savings products that suit you best.
