Financial experts emphasize that the money is not going anywhere – it will be invested, so it will avoid inflation and will probably earn investment returns for those saving for retirement.
According to the currently valid pension system, savers transfer 3 percent to the funds. from your salary “on paper”, and the state additionally allocates another 1.5%. from the average salary. Therefore, from the received salary of 1000 euros “on paper”, an amount of 30 euros will go to the pension fund every month, and the additional incentive contribution of approximately 27 euros, which is calculated from the average national salary of the previous year, will be paid by the state every month.
Šiaulių bankas private client services manager dr. Dalia Kolmatsui notices that residents who have just started saving after receiving their July salary slips may be surprised, as they will indicate a slightly lower salary “in hand”.
“Since July, the contributions of those who have newly joined the accumulation in the second tier are transferred to the accumulation in pension funds, so people who received their salaries for the month of July at the beginning of August may have noticed that they have decreased a little. There is no need to worry about this, because a small amount is deducted from the salary nowhere does not disappear – Sodra will transfer the money to the participants’ personal accounts in pension funds in mid-September. This money will continue to be invested, and a return will also be earned from it,” says D. Kolmatsui.
The representative of the bank also reminds that saving in the second tier does not mean that a person no longer saves in the first tier – the first tier is mandatory for everyone who works and pays taxes. According to “Sodros”, almost 26,000 people decided to accumulate additional pensions this year. people
A small amount is a significant contribution to the future pension
Residents’ money transferred to pension funds is invested in order to earn the highest possible return and accumulate an amount that would ensure a higher income in old age. Of course, accumulation in the second stage alone will not be enough to ensure a sufficient pension, additional accumulation will be needed in the third stage as well, however, the benefit of participating in long-term accumulation is obvious when the state contributes significantly to the accumulation in the second stage by providing an incentive contribution.
“The amounts that are deducted from people’s salaries every month are not very significant, if we consider the fact that 10-15% should be allocated for future savings. income. If you allocate a few tens of euros to save for retirement today, considering the transferable state incentive and the long-term return, you are likely to save much more than you paid.
In this way, you contribute to a better quality of your old age, because, as you know, the “Sodra” pension alone may not be enough to satisfy all your wishes and needs. In many countries, such a system of saving for retirement has been used for many years and it has worked, retired people do not experience a drastic decrease in their income if they additionally saved throughout their lives in second- and third-tier pension funds,” teaches D. Kolmatsui.
She calculates that a person receiving an average salary transfers about 720 euros a year to their second-tier pension fund, and the state adds another 324 euros this year.
“The average wage in the country keeps growing, so the state contribution will continue to increase. By investing this amount every year, it can be expected to increase it very significantly. The results of long-term investment show that in the end the investments pay off, of course, the risks associated with the investment remain”, says the representative of the bank.
According to her, the average accumulated amount of the participants of Tier II pension funds managed by the asset management company SB Asset Management of the Šiauliai bankas group, who are currently between 43 and 49 years old, already amounts to 9,640.16 euros. During the first half of this year, pension funds earned 97 million for participants. EUR after all taxes have been deducted. On average, one hoarder earned a return of 558 euros in half a year – this amount is almost equal to the average pension of one month.
Equity pension funds, where the majority of current savers save and who are currently under fifty, have increased over the entire period since the last pension reform in 2019. earned more than 80 percent return or an average of 11.4 percent. per year. Therefore, in the last five years, the return of Tier II pension funds has almost doubled the average inflation
“By the way, there is no need to fear that you will not be able to pay contributions to pension funds when the financial situation changes. As income decreases, so do premiums, or they are free at all. In addition, the state allows the payment of contributions to be suspended for a period of 12 months during the entire accumulation period”, adds D. Kolmatsui.
Without savings, retirement can be disappointing
A study of the investment, saving and savings habits of the population, commissioned by Šiauliai bankas, revealed that almost a third of people have currently saved an amount equal to 0.2-1 annual salary for retirement. One-tenth of the respondents said that they had accumulated savings in the amount of 3-7 annual salaries, 5 percent. – more than ten years of annual salaries.
“It is clear that the majority of people should rely only on the pension paid by “Sodra” when they retire at the moment, because the additional accumulated funds would not be enough for most of them even for a year. Saving money on your own without investing is also not a solution, because it will depreciate very much by the time you retire, and long years of hard saving will eventually be pointless. The only sustainable way to save for retirement is investing, and one of the ways to do this is to save in second-tier pension funds,” emphasizes D. Kolmatsui.
The study also showed that slightly more than half of the respondents expect to receive 50%. and pensions targeting less current income. 75 percent 13 percent expect to receive an income-oriented pension. respondents, and 100 percent only 6 percent indicated that they hoped to receive a pension corresponding to their current income. survey participants.
It is predicted that the “Sodra” pension will provide only 30-40 percent. of a person’s current income, while the accumulation in the second tier of pensions will add up to 20-30 percent more. former earnings.
According to D. Kolmatsui, in order to have a dignified old age, it is recommended to continue to receive at least 70-80 percent of the pension after retirement. former salary.
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2024-08-21 03:19:46
