„Could you accumulate the reserves to do that?“
Easy question: doing it requires focus and planning.
How exactly could this be done?
Do not assume that you will need less money in retirement than you spent per month when you were working. Experience shows that usually people require at least the same amount to keep the same standard of living.
Why is that? There are three simple reasons:
When you have answers draft a plan.
Suppose your government pension will be 2,000EUR. You set 55 as your target age to retire and your target amount as 5,000EUR per month for 25 years. You are planning to have an additional 3,000EUR per month available from savings over a period of 25 years, meaning that you must have saved 900,000EUR at the age of 55. Inflation and interest payments have not been factored in and the figure will probably be in excess of that.
When you are clear about this amount careful planning and calculation is required to find a savings plan that will give you the necessary return on investment and long-term security.
Sound advice and a yearly analysis of changing circumstances and progress made is highly recommended. We are here to help and would be happy to schedule a free initial meeting to discuss your circumstances and possibilities at a time to suit you. Our advisors have many years of experience in retirement planning and are fluent in German or English.