March 4, 2024

Taylor Daily Press

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“One million euros needed to finance old age”: How can you be sure that you have sufficient capital in retirement?

“One million euros needed to finance old age”: How can you be sure that you have sufficient capital in retirement?

From the last analysis of the time It turns out that staying in a nursing home costs an average of 2,100 euros per month. This is much more than the average pension. “That's why it's important to save for your old age during your working life. “By our calculations, you need around €1 million,” says Frankie Stevens, pensions expert at HR firm Mercer. How can you save such a large sum?

Why is this important?

You can save for your old age in different ways. Many employers help you with this through what is called a second retirement column. But you can also save for later yourself. Through the third pension pillar – pensions and long-term savings – you also qualify for a tax break. You can of course also do this yourself by investing in stocks and ETFs, for example.

Context: The analysis shows that the prices of Flemish residential care centers rose by 10 percent in one year the time. You are now paying an average of €2,100 per room.

  • “At retirement age we return to a monthly pension. However, for most people, this will not be enough to pay for the residential care center. After all, you also have other costs at an older age, such as higher medical costs,” Stevens responds to our editors. . “