Pension: Will my money be enough to live?

• 2014

1. Financial Check: Four women calculate their pension
2. "Luckily, I'm currently being cared for by my husband"
3. "I've saved a lot - so I have to work with 60 less"
4. "I would like to marry, but what about the widow's pension?"
5. "Today I am well, whether the pension is still like that?"
6. Finance: Keep your eyes peeled!

Financial Check: Four women calculate their pension

"Later I just want to ENJOY ONLY!" So many women think after work and raising children should come to the beautiful life. But many fear that the measly pension will not even reach to the essentials.

Bye, work world - hello free time, hobbies and enjoyment. Great view, right? But is our pension really enough to live without surrender? Four women made the financial check for MYWAY - and an expert shows how you can build even with 40 plus still a financial cushion .

"Luckily, I'm currently being cared for by my husband"

BIRGIT, 53, is married for 24 years. The two sons are 18 and 22. She works as a clerk halfway and earns freelance on a fee basis about 400 euros per month

"I could not live on my own pension, but fortunately enough my husband earns enough to take care of the big sums of money - house loans, debt rescheduling, insurances - I take over all of my salary plus about 1200 euros of household allowance from my husband's small purchases So it has been going well for the last 24 years Next year, my husband retires, then it gets financially scarce Our house is almost paid off, but the sons are in training If our youngest has to move away for study, And I would be in a fix if I suddenly had to do everything financially on my own. "

Provision of Birgit at a glance

• Income 1700 euros gross, that is just under 1000 euros net
• Fee contracts as a psychological counselor and counseling for the early support of disabled children: about 400 euros per month
• Monthly expenses 2000 Euro
• Total Operating. Retirement provision1, 000 euros per year
• Children's periods One and a half years of education each for both sons
• Annuity € 835.27 per month when reaching retirement age on 1 January 2028

* no Riester pension, no direct insurance, no long-term care, no risk life insurance, no occupational disability insurance

EXPERT COUNCIL for Birgit

by CONSTANZE HINTZE (Head of "SveaKuschel + Kolleginnen", Financial Services for Women GmbH in Munich)

"Birgit should build their own assets step by step "

Birgit is right: Without her husband's income and retirement, it could be financially difficult. Nevertheless: Birgit has done a lot right: own profession, own income, own pension and an almost paid property. Critically, I see that she has no reserves, except for her own home. It would be good if she built up her own liquid assets with an investment savings plan. At the same time, she can be brave enough to include equity funds, because the previous focus of her fortune is very secure. In addition, she should talk to her husband if something happens or if he is no longer able to act: Does she have access to all accounts and contracts? What does his fortune look like? It could be critical at a separation. Although spouses have a degree of protection thanks to the pension and gain-sharing scheme, in reality this looks rather meager. Birgit and her husband should also regulate their own care. In case of doubt, this is better for the children than paying their education. Then, later on, they will not suddenly be asked to pay for their parents. "

"I've saved a lot - so I have to work with 60 less"

JULIA, 52, has been married for three years, is childless and works as a nurse. Because she does not want to work that much anymore from the age of 60, she also took on a 400 Euro job

"An experience made me more vigilant with regard to my finances: My employer advised me at that time to terminate the company pension fund and instead take out direct insurance - unfortunately a huge mistake - as I later learned from the consumer advice center, because the clinic pays considerably less for direct insurance Unfortunately, when I found out, it was already too late to reverse the situation, when my bank adviser recommended me a pension insurance for 60, 000 euros saving because I only want to work half-time and retire early I smarter: I asked for safety's sake, equal to the women's finance office, whether the recommended insurance is good.The negative: The expensive commission of the bank swallowed the profit of the pension insurance.Luckily, I could terminate this contract on time.

Julia's precaution at a glance

• Income net 1750 euros including supplements from night / weekend shifts
• Income side job 390 Euro (gross equal to net)
• Monthly expenses around 1350 euros
• Direct insurance 600 euros per year - former occupational pension fund
• Bauspar contract 15, 000 euros (due in three years)
• Savings assets Various investments such as SpardaUniprofi, Unirak, Uniimmo, Unigarant: a total of 60, 000 euros
• Riester Yes, monthly 150 Euro
• Annuity At 66 ½ years 1188 euros per month, today: 770 euros

* no private pension insurance, no occupational disability insurance, no long-term care, no risk life insurance

EXPERT COUNCIL for Julia

"For her dream, Julia must continue to save consistently"

CONSTANZE HINTZE: "Julia's story shows how important a second opinion and good, independent advice are, and despite the wrong decisions she has set the course for her retirement, and her financial structure is a good mix - which can guarantee her a carefree retirement. if she wants to reduce her desire for a much earlier retirement I advise Julia to plan the pension in concrete terms: What is the expected Riester pension? What predicts the direct insurance? Because summing up with a price increase of two percent Julia's expenses, when she is 66 years old, to 1780 euros.There are only 1188 euros statutory pension opposite.To come closer to their dream, Julia should consistently save further and integrate the soon due Bauspar contract in their existing depot From around three percent, she could then take from 63 monthly 430 euros as a supplementary pension the money would be used up after 30 years. Whether a former, abschlagfreierRentenbeginn is possible, Julia should clarify with the German pension insurance. My additional investment tip is Julia's Depot, which I have too one-sided invested in the in-house fund of the Volksbanks and Raiffeisen banks. It should also consider more equity funds. Then a return above inflation would be possible. "

"I would like to marry, but what about the widow's pension?"

ELISABETH, 64, is a mother of three, she has a business education. At just 48, she became a widow. Meanwhile, she is back in love and could well imagine a second marriage with her new partner - that would also end the village gossip

"When my husband died 16 years ago, I was alone with everything - the children, the house, the decisions - luckily my bank adviser helped me with the financial issues, and he reassured me because my husband, as a senior civil servant, deserves well My widow's pension is decent, and I earn a couple of dollars in bookkeeping for acquaintances.Three years after the death of my husband, I came closer to a friend who is also widowed.We were happy to find each other We thought about marrying, but my bank adviser advised that it would be a good idea, as I would lose the widow's pension, even though this decision is difficult: financial security is more important to me than the marriage certificate. "

Elisabeth's precaution at a glance

• Income: About 300 euros a month as an accountant for acquaintances
• Former income of the deceased husband grade A9, senior service, 1998: around 2100 euros net
• Widow's pension: 60% of the pension, plus 12% of the pension for the three children
• Property: Paid out single-family dwelling (today's value: around 40 000 euro) + savings account: 10 000 euro
• Own pension: Minimal, because she stayed at home with children for 15 years

* no Riester pension, no life insurance

EXPERT COUNCIL for Elisabeth

"Even if it's hard: With a wedding, she would not be so financially happy"

CONSTANZE HINTZE: "Feelings can cloud your clear view of financial decisions Thanks to her banker, Elisabeth has managed to keep her emotions alive and her decision to continue living with her partner without a marriage certificate and to endure the gossip was absolutely right - if The fact is: without the widow's pension, Elisabeth would not be doing so well financially today. "The statutory widow's pension is an achievement of our social security." However, it is doubtful whether future generations will benefit from it Widow's pension with 60 percent of the deceased spouse's pension very rare If Elisabeth would marry her partner, the full widow's pension would be immediately gone For her life planning I advise her to make arrangements with the new partner, with whom they mutually secure Both should have a care directive or Vo righteousness, which comes into force when one of them is no longer able to cope with his life alone, keyword: care. If this does not happen, the Guardianship Court selects a person who is not automatically the partner. In addition, I advise Elisabeth to build up more free reserves - for renovations at the house, shared vacations, age. Because when two teams up, it saves costs and saves money. "

"Today I am well, whether the pension is still like that?"

BIRGIT, 59, is single, has a son, 24, and is a freelance dental consultant. Their earnings vary according to the order situation. However, the payment behavior of their customers is catastrophic

"I no longer have confidence in German banks and the German pension system, which is why I rather put my savings in the coffee pot instead of investing in them, but because I support my son, who is training in Hamburg, I'll stay at the end of the month anyway As a freelance dental practice consultant, I'm really happy - if only the payment habits of some customers were not so bad.I have bills to pay for 2012 and 2013. At the moment, I'm financially fine but fortunately I have a cheap, small apartment in Munich, and since my son moved out, I also spend much less on food, I just hope that I can work a long time and stay healthy, because I'm afraid that my pension will be rather meager. "

Birgit's prevention at a glance

• Income At peak times: up to 2700 euros net
• Monthly expenses: Around 1800 euros
• Private pension insurance: From 1994 to retirement, she saves 50 euros per month, sometimes more. With the pension she receives 20, 000 euros one-time payment or a monthly payment
• Savings: This is mostly for her son, his education and the shared room on it
• a son, 1990 born mother pension, per month 28 euros
• Pension insurance: It began at the age of 18 and then paid into the pension insurance for more than 20 years. Nevertheless, today says the pension decision : only 805 euros per month when reaching the age of 65

* No company insurance, no long-term care insurance, no more risk life insurance, no occupational disability insurance

EXPERT COUNCIL for Birgit

"From now on Birgit should save a fixed amount for the future every month"

CONSTANZE HINTZE: "It's great how Birgit, as a lone parent, managed to reconcile work and children, but neglected her financial planning for the future - especially in her first years of employment." The pension gaps are difficult to close until retirement It is understandable that Birgit has lost confidence in the pension fund, but since she has been self-employed, she has not paid a cent into the German Pension Fund and has no additional pension for the self-employed, such as the Rürup pension. Nevertheless, there is no reason to poke his head in the sand as an immediate measure Birgit should check their current expenses: their net income of 2700 euros are compared to spending of 1800 euros Where to land the remaining 900 euros? Is there any savings? Using Birgit's profession in the coming years to build up wealth - and indeed not in the coffee shop. Better is a safe bank savings plan or a riskier fund savings plan. Saves it now 500 euros per month, she comes at two percent after costs and taxes in six years on assets of about 38 200 euros. The bottom line is one finding: Birgit will have to work beyond the age of 65. "

Author: Gitta Schröder

Finance: Keep your eyes peeled!