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Last year interrupted many plans and brought uncertainty in every way: private, commercial, financial … Some planned trips did not happen, some purchases were postponed and people are worried about work and income in the next period.
The priorities have changed, but that’s why there are some smart financial decisions you could start with in 2021 that don’t cost a lot and could bring you a lot more in return.
Private pension – 2000 dinars per month
When it comes to future and income, more and more people in Serbia decide to pay a private pension. Someone pays 1,000 dinars a month, someone 2,000, and the amount is your choice. The latest data from the central bank shows that there was just under 46 billion dinars in pension funds at the end of the third quarter of this year. Compared to 2010, it is four times more, and compared to 2016, almost two and a half times more.
Today, just over 203,000 people pay private pensions in Serbia. Most users are between 40 and 60 years old and the average payment is around 4,000 dinars per month.
pensions depend on the returns of pension funds and, in the example of a yield of five percent per year, for payments of 2,000 dinars per month for 25 years, the monthly payment for 20 years would be about 18,000 dinars.
The return of funds for the third quarter of this year was somewhat lower, around two percent, but it is important to say that we did not look at the return for one year, but the average of the entire payment period. Therefore, it should be remembered that in previous years there were funds with returns above 9%.
Small payments over a long period of time can provide a decent retirement income, and you should start with them as soon as possible. Therefore, in the current situation of uncertainty, one must take care of the future, and this is one of the ways.
Otherwise, the private pension does not depend on the time of service, but on the regularity and duration of the period in which you make the payments and on the way in which those funds are invested. There is no lower age limit and anyone under the age of 70 can be a member of the fund, regardless of whether they are employed or not, or whether they are a national or foreign citizen.
Voluntary life and health insurance: 2,000 dinars per month
Since the beginning of this year, interest in life insurance policies has been on the rise, and data shows that premiums in the first six months of 2020 increased three percent compared to 2019. Experts estimate that the higher interest It is partly a consequence of the coronavirus pandemic, but they advise everyone to opt for the use of life insurance for family financial planning, and not just because of the current health crisis.
Many other risks can be included in the life insurance policy, including those of increasingly frequent diseases and surgeries, and insurers are increasingly concerned with prevention, which is why insureds also have annual systematic examinations. That is why the price of the monthly premium is different, but the average premium for some basic risks is mostly around 1,000 dinars or 10 euros.
When it comes to voluntary health insurance, it allows you to seek help in case of health problems in private institutions with which the insurance company cooperates. The prices of the basic packages range between 10 and 30 euros.
In Serbia, in 2019, 1.7 million people had life insurance, while 2.7 million used voluntary health insurance.
Although there are 20 insurance companies operating in Serbia, with a large offer of different types of insurance, life insurance is still not very interesting for most Serbian citizens, and a large number of policyholders decided to insure their life just because it was a condition, for example, to obtain a home loan. .
Investments, stock market, bitcoin
When you have already secured your health and provided (at least) additional income for old age, it is not bad to think about the possibility of additional income. Financial experts constantly point out that the worst option is when the money is not used, and considering that the interest rates of savings in banks are currently extremely low, you have to try some investment.
Private pensions and life insurance are also a good investment, but in the long run, and if you want a little faster income, you stick with buying shares on the stock market, which is decided by more and more Serbian citizens, then participation in group investment, which is almost possible in our country. countries and that can bring you a profit of around 5 percent after three years, or buy cryptocurrencies, the value of which, however, varies very often and with which you should be careful.
In any case, the basic advice is not to invest more than you are willing to lose, so if you are not a professional investor, 1,000 dinars a month should not hurt your household budget too much and can earn you additional income.
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