The more intensely workers willing to save focus on their pensions, the more confused they seem. How can we get to grips with our own retirement provision?
It's not easy. We differentiate, in principle, between asset accumulation and retirement provision. We often allow all kinds of short-term trends and measurements to influence our long-term savings plans. After all, you also want to be able to afford a new car sometime, or make a higher-risk investment. This is why it is advisable to carefully plan your retirement provision, and then to follow this plan unwaveringly. This should clarify two things already in the savings phase. Firstly - how will I get a regular income after I retire? This refers, in particular, to the relationship between the state pension and whatever I have to add to that myself. Secondly - how can I protect against the risk that I might live longer than is generally predicted today? The average life expectancy of newborns today is almost 78 for men and 83 for women. But it all depends on my personal life expectancy, and in this case it is better to factor in a few extra years - after all, no one wants to be left without any money when they celebrate their 85th birthday.