Retirement

Preserving Wealth in Old Age These Mistakes Should Be Avoided

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Preserving Wealth in Old Age: These Mistakes Should Be Avoided. The savings plan is due, or the life insurance is paid out: Many older people then have to think about how they want to reinvest or reinvest their money. LifeFinance tells you which mistakes you should not make under any circumstances.

Don’t Always Blindly Trust The Same Bank

Have you been a customer of the same bank for decades and always get advice there on financial matters? Trust in tried and tested methods is also good – but control can be even better: other banks often have better or more suitable products up their sleeves. Even if it is time-consuming, you should always obtain several offers for a new system.

Learn to say NO

Financial advisors are eloquent – that’s their job, after all. But please: Don’t let every system seduce you. Because often you are only recommended products for which the agent receives good commissions. Anyone who does not find out about this himself has quickly signed a contract that does not get the most out of himself. Therefore, always ask for a period to think about it, so that you can find out about the offer in peace and quiet. And if necessary, you can also obtain comparison offers or experience reports.

Do not choose investments that are too long-term

Let’s be honest: no one knows how long they live. It, therefore, makes little sense for seniors, in particular, to invest their money in building society savings plans or investments with a similarly long term. So rely on flexible models that allow you to access your savings in case of doubt or emergency quickly. After all, they still want some of it.

Don’t necessarily strive for the maximum

Security always comes first, even when it comes to money. So don’t be too risky! Sure, fixed-term and overnight accounts hardly bring any interest at the moment, but of course, you shouldn’t invest all of your assets in highly speculative stock transactions. A middle ground is – as is usually the case in life – the best!

Don’t just choose one type of investment

Even if you don’t feel like dealing with the topic of finances all the time: Never put all of your assets on one card – the risk is far too great! Instead, position yourself broadly: Alternative investments such as real estate, vintage cars or art, gold, stocks, bank payout plans or fixed-term deposit accounts – all of these could be possible for you. ETFs (Exchange-traded Funds) or a managed custody account that matches your type could also be an option.

Do not blindly bet on an immediate pension

Certainly, you have already been offered the option of an immediate pension. How does this work in principle? At first, you pay in a larger amount and then get paid out a monthly amount – until you die. No matter how old you ultimately get. But not every variant of the immediate pension is suitable for you! Perhaps a semi-dynamic immediate annuity is something for you or you choose the security of the lump-sum option. Good advice is also essential here.

Don’t overlook any hidden costs

There are paid less profit? This can also be due to the cost of the system. Therefore, pay attention to low transaction fees before signing up.

Don’t save in the wrong place

You don’t really know about investments? Then an honorary consultation might be right for you. You pay by the hour, but you get comprehensive information and nothing is guaranteed: Because no special products from certain providers are recommended, you only get help with what you can basically do with your money. You then have to inquire about the specific investment offers yourself from the financial institutions.

Don’t ignore the

Are you glad that you have invested your money and do not want to deal with it anymore? That is understandable, but not advisable. You should regularly take a look at securities accounts in particular. Rapid changes in markets are very risky if ignored.

Don’t bunker everything at home

Do you generally do not trust banks and prefer to have your assets where you can see them – at home in your piggy bank? That’s not a good idea. First of all, your money is slowly but surely losing value because of inflation. Second, the fear of bank failure is not very realistic, at least in Germany. So do not voluntarily forego better returns and seek extensive advice.

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