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The pension insurance secures your old-age income, and in Germany they are heavily tax-incentivized to enable you to supplement your pension (and to reduce the burden on the state pension system).
A pension insurance is fundamentally an investment contract where you invest your money and, in return, you will receive a pension in old age. The reason it’s called insurance is that a private pension is in reality an “annuity” which is a form of life insurance that absorbs the risk of you living until you are 120 years old. Ironically, in industry terms this is called the “longevity risk” or the risk that you live longer than the money lasts.
If you are interested to know if they could be a good fit for you then our advisors can help you.
At Horizon65 we can help you determine if private pensions are worth it for you. Use our mobile app to simulate its effect on your future taking into your existing investments and potential impact of inflation and taxation.
Our mobile app also enables you to compare various aspects of private pensions such the impact of ETF-based private pensions vs. classical private pensions.