"Boosting" your pension

“Even small amounts can make a big difference”

According to Pohl, "small monthly amounts can make a big difference in the long term"

(Bild: js-photo - stock.adobe.com)

The chairman of the Finance Association reacts to the report in the "Tiroler Krone" newspaper about a survey on pensions and gives readers a few tips. He emphasizes: "It's never too late to take the right steps."

"The article in the 'Kronen Zeitung' gets to the heart of the matter: two thirds of those surveyed believe that their pension will not be enough to maintain their desired standard of living." With these introductory words, David Pohl, Chairman of the Finance Association, reacts to the report on a study commissioned by Tiroler Sparkasse.

He continues: "Only 40 percent make private provisions. And this is often done with funds such as savings accounts or building society savings contracts, which hardly bring any return today."

I agree with the basic sentiment in the report that the state pension alone will not be enough.

David Pohl

Association offers free financial workshops
Savings books and building society savings contracts would appear to be a safe investment for many. "But they cannot compensate for inflation and are not enough to build up assets," explains Pohl.

He refers to the free financial education workshops that he and his team offer. He also gives the readers of Tiroler Krone a few tips on how to "top up" their pension in the best possible way.

• Get an overview: "Get an overview of your pension account. Determine how big your pension gap is and think about how much extra you need each month to maintain your standard of living," is the first tip.
• Invest for the long term: Different asset classes such as equity funds would offer the chance of a higher return.
• Regular contributions: According to Pohl, "small monthly amounts can go a long way in the long term".
• Minimize risks: A broad spread through diversification would provide stability. 

"It's never too late to take steps"
 In conclusion, the chairman of the association says that "I agree with the basic sentiment in the 'Krone' report that the state pension will not be enough. That's why it's important to make provisions in good time and to focus on the right strategy. It's never too late to take the right steps for later life.