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How much do I have to save in Saxon Switzerland, Bielefeld or Wismar to maintain my standard of living in old age? An interactive map provides information.
The fact that the cost of living varies in Germany is nothing new. For example, an apartment in Munich costs much more than in rural areas. It is also not surprising that for many people the legal pension is insufficient to allow them to maintain their standard of living in old age.
What most people don’t know: For this reason, Germans in each region have to set aside different amounts for old age. A new study by the economic research company Prognos on behalf of the German Insurance Association (GDV) now shows how much.
This is how much you should have saved in your county
Researchers assume that a 55 percent income replacement rate is needed in retirement to maintain your standard of living. This is the percentage of your last income before you retire.
To reach this quota, a private provision must be made in addition to the legal pension, according to the researchers. On this map you can see the required savings amounts in the 401 rural districts and cities of Germany:
Scientists have also broken down the so-called savings burden share into individual regions. This indicates what percentage of monthly income is necessary for the provision of private pensions.
Results are only indicative
But be careful: The results can be compared with each other in the current form. You cannot use them to draw direct conclusions about your own individual circumstances. The data is only indicative of the amounts you should save.
The reason: Prognos has calculated the savings amounts and the savings rate based on a model person. This is an average wage earner who was born in 1980, started working at the age of 20, and six years later began saving money for the provision of private pensions.
According to the study, he will retire in 2047 at the age of 67. Prognos also took into account the time of death: after retirement, the model person is still 22.8 years old until death. Then it will be almost 90 years old.
Make provisions for old age easily with the ETF savings plan
It also depends on how you invest the amounts saved. For example, you can invest your own money and make provisions for old age. With a savings plan in an index fund, you can already invest amounts from 25 euros per month – with a long investment horizon of 10 or 20 years of high profitability.
In an index fund, called an ETF, a computer algorithm simulates a stock index like the Dax. Invest in all companies in this index and spread your risk widely. Also, the costs of an ETF savings plan are significantly lower than if you pay in private pension insurance.
