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Even at a young age, many people are unable to realize their dreams because they cannot afford the most beautiful and important things. It is also known that many pensioners have too little money in old age to maintain their standard of living. That’s a shame, because that’s when you have a lot of time to spend money. Use our free pension analysis to understand what options an individual pension can offer you.
By paying into pillar 3a, you pay less tax
In contrast to a bank account, a 3a & 3b can bring you a lot of profit
3a & 3b secure your accustomed standard of living in old age
The pension system can quickly become complicated. You don’t need to know everything, that’s what experts are for. But here are three facts to get you started:
Saved 3a assets offer flexibility, as you can withdraw them early. This is possible, for example, if you want to buy a home, become self-employed or emigrate. With 3b savings, you can even withdraw your money unconditionally at any time. These options make pension saving an attractive choice for financial planning for important life events.
In the pension fund, the conversion rate determines what proportion of the capital saved is paid out as a pension each year.
This currently stands at 6.8%. A reduction in the conversion rate due to increased life expectancy and low interest rates is being discussed. Private pension provision is therefore becoming increasingly important.
The entry threshold is the minimum annual salary above which employees are compulsorily insured in the occupational benefit scheme (pension fund). If your income is below this threshold, you do not generally participate in the BVG. This threshold is currently 22,050 per year.
The current maximum for salaried employees is 7,056 per year, i.e. 588 per month. If you are not insured in a pension fund, you can pay in 35,280. The maximum amount is regularly adjusted for inflation and therefore increased.
When deciding between paying into pillar 3a and the pension fund, it depends on what you want to do with your money: are you looking for flexibility and do you want to determine your own investment options? Pillar 3a offers you this freedom. If you are still at the start of your career and expect your income to increase, it may be more advantageous to wait to make contributions to your pension fund. If you trust your pension fund and are already approaching retirement age, paying into the pension fund could be the right decision for you.
Basically, demographic change is leading to financial bottlenecks in the AHV, as contributions are no longer sufficient to cover current pensions. The resulting financial burden will be passed on to future generations, i.e. the children and grandchildren of current pensioners. For this reason, private pension provision is becoming increasingly important.
Pension funds list the maximum possible purchase amount in the annual pension certificate. This amount is calculated based on the available data, but does not take into account individual factors such as vested benefits or previous early withdrawals, which can reduce the purchase potential. In order to obtain tax advantages for voluntary purchases, it is important to obtain details from the pension fund.
When buying a property, you need at least 20 percent of the price from your own financial resources. You can use money from your pension fund to raise these own funds, provided the property is used as your main residence. However, 10 percent of the purchase price must be covered by other immediately available funds.
However, money from pillar 3a can be used in full for your own home.
Do you have another question that has not been answered above? Then simply get in touch with us! We’ll be happy to help you.
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