Saving plan for retirement Saving plan for retirement

It is time to think about the future

Retiring is expensive. It is estimated that one needs 85-90% of the incomes earned during the active period to maintain one’s standards of living in the retirement period. The solution for a safe pension is planning. Make a plan, make sure that your saving for the retirement is a priority for you and remember that it is never too early or too late.

Take control of your financial future!

Because the retirement age must be the stage in which you enjoy life, relax, travel, dedicate your time to hobbies and spoil your grandchildren. This is why it is very important to start saving since you are young, so that you may enjoy a beautiful, dignified golden age.

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Features

Insured

Minimum 18 years old – maximum 60 years old

Duration of insurance

Minimum 5 years old – maximum 47 years old

Guaranteed private pension

With the retirement saving plan you set the amount that will supplement your incomes beginning with the age chosen by you. The amount set by you is guaranteed by contract.

Payment of insurance premiums

It may be made in installments, depending on your needs: annually, every six months, quarterly or uniquely

How does it work?

Protection – in case of death of the insured in the premium payment period, the assigned beneficiary will cash in the premiums paid accrued with the surplus awarded by participating in benefits;

Saving – on the date written in the contract, the payment of the annuities begins (of the private pension) depending on the manner and product for which you opted: a unique payment, annuities for a period of time set by you or life annuities (all your life)

Age when the payment of the private pension beings.

You may choose to start receiving the private pension as soon as you turn 55, but not later than 65 years old.

Payment duration of annuities

Limited pension – you may choose a pension which you may receive in a limited period of time.

Life pension – you may choose a pension which you may receive as long as you live (all your life)

Additional options

You may add to your pension plan options which may protect you in case of invalidity (invalidity pension) or which may protect your descendants (descendant pension)

What can you do during the contract?

You may change the payment frequency

You may recapitalize the contract annually, depending on the inflation rate

You may change the assigned beneficiaries

You may buy back the policy, after the first two years

 

 

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Advantages and benefits

  • You may choose the value of your pension;
  • You may choose the age at which you can benefit from your pension;
  • You may choose the type of pension you want: life or limited period pension;
  • You may set the value of the pension or the amount that you would like to save;
  • The insured amount is guaranteed, adding to it the capital accrual;
  • You may increase the amount annually, depending on the inflation rate;
  • You may attach additional clauses to the insurance – descendant annuity, invalidity annuity, additional health and accident clauses.
  • Keep your life standards at the retirement age;
  • Financial independence, regardless of the value of the State pension;
  • Additional chance – the retirement saving plans are the ideal solution also for the persons who, due to their age, can no longer access the facultative or compulsory pension funds;
  • Protection in case of unexpected accidents or illnesses by possibility of attaching additional clauses.

 

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Tips & tricks

How to keep your incomes during the period of retirement.

  • Start saving as soon as possible!
  • Calculate how much money you will need to maintain your lifestyle;
  • Plan your retirement expenses depending on your needs and lifestyle;
  • Set realistic objectives;
  • Take into account that, at an average inflation rate of 3 percent, the cost of your life will be doubled in 25 years’ time;
  • If your employer offers you an additional pension, of any kind, receive this advantage, it is very important;
  • The State pension is estimated to represent approximately 40% of the incomes earned in your active life;
  • Think what the incomes that you may still count on are at your age of retirement;
  • Calculate the difference between the current incomes and the incomes that you know you can rely on at your age of retirement – you will find out the amount by which you will have to supplement your incomes when you retire;
  • Start saving with the frequency that advantages you, but be consistent!
  • Take advantage of all the tax benefits that you are offered to save money for your pension;
  • Talk to an insurance counselor to find out what your options are.
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I want more information

Your BCR Asigurari de Viata VIG insurance advisor may provide you with a free analysis of your needs so that you may make the best decision for you. 

I want more information
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