Enjoying life today while still preparing for tomorrow?

Enjoying life today while still preparing for tomorrow?

Will it be red, blue or green for the boardgame? Like cats better or dogs? Prefer coffee or tea? There's a constant stream of little decisions to make in life, but sometimes the decisions can be big. One of the most important is, "While enjoying my life today, how can I prepare financially for later on in life?"

Everywhere around the world, people are concerned about having enough money for their retirement, as conclusively shown in a recent study conducted by the Zurich Insurance Group. Of the 18,000 survey respondents from 16 different countries, 44 percent said that their main financial concern was enjoying a decent standard of living after retirement. Their next biggest concern, significantly behind at 27 percent, was the ability to pay their monthly bills. In 14 out of 16 countries, retirement was cited as the primary worry, especially in Germany and Japan, where retirement-related angst was greater than for all other issues combined. 

Will we have enough money saved in first and second-pillars for old age?

Funding one's retirement is an important topic for the Swiss too. In view of increasing life expectancy and historically low interest rates on savings, many people are asking themselves: "Will my income from first and second-pillar sources alone – AHV and BVG – suffice for me to have certain options during retirement?" As most retirement planners are aware, first and second-pillar savings only cover 50–60 percent of the pre-retirement income of the majority of Swiss retirees. Private retirement savings are thus crucially important. The sooner you get started, the more opportunity there is to get your money working for you so as to significantly boost your post-retirement income.

But now comes the next decision to be made: Do I just want to save up money, or also protect against risks in life? Savings insurance policies are suitable for covering all sorts of needs.

Steadily achieving your savings goals

Savings insurance like Zurich's Premium Life product can be a good option for those who want to be assured of achieving their retirement savings goals. Premium Life enables flexible, regular saving for retirement as a pillar 3a or 3b solution. Zurich takes over payment of the contractual premium in the event you should become disabled. You get a guaranteed payout, but also the opportunity to benefit from stock market returns. And you add on a disability pension, a death benefit or both, if desired, in order to protect your loved ones.

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