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retirement savings in Germany, how much do I need? (feddit.org)

submitted 5 days ago* (last edited 5 days ago) by schneewiese@feddit.org to c/asklemmy@lemmy.ml

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I say 'in Germany' because there's where I reside, a welfare state.

We don't have 401K here, but public retirement systems, mandatory.

My employer also matches what I put in a small state pension system up to 50 euros. Not really much, better than nothing.

What number do I have to reach for a decent retirement? Retirement age: 67 years old.

Is it enough to save or do I have to invest?

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[–] sirico@feddit.uk 1 points 5 days ago

I don't know German retirement systems, and I'm not a financial professional. But if you have employer match contributions, talk to them to see if you can max it out.

Outside that look at savings in tax-free envelopes here we have ISA's Americans have ROFFS? I think.

We can have a stocks and shares ISA, my personal strategy is to use that with a low cost all world ETF and a little bit in safety nets like gold and bonds.

Look to investing in a Sipp if you want to contribute more and handle a retirement fund yourself, again not sure how applicable this is to Germany.

If you just want to save, look at something similar to a cash ISA AKA something that is Tax-free and has an interest rate that will outpace inflation.