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Why is it important to take out a personal pension in addition to paying into the state pension fund?

At present, state pensions are generally insufficient to allow retired people to continue to enjoy their previous life style.


What other options are there for saving for retirement in addition to the state pension?

There are three different types of pension schemes available in Germany: state pension schemes, voluntary occupational pension schemes and personal pension schemes. Personal pension schemes offer a wide number of different options for saving for your retirement.


How much of my income should I save for my retirement?

In order to create a solid financial foundation for your retirement, it is generally recommended to save between five to ten percent of your gross salary. However, it is also possible to save smaller amounts. The most important thing really is to just put money aside regularly and to start saving as early as possible.


How much of my state pension will I have to pay taxes for later on?

Anybody retiring after 2040 will have to pay tax for their entire pension (i.e. 100 percent). Until then, the amount liable for tax will be gradually increased.


Is property a good investment for retirement?

Investing in property is a popular way of investing for retirement, especially when interest rates are low. However, it is important to have at least a little of your own capital to invest and to take a close look at both the property and related terms and conditions before investing in any property. Regardless of which option you are considering, it is always best to seek professional advice.

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