I am young and far from retired, can the situation in the capital market affect my pension savings?
During this period (the coronavirus crisis), there are changes in the capital market. The situation can affect pension savings. It is important to know that pension savings are long-term savings. It is measured over long periods, so that today there are fluctuations in the capital market, but this will not necessarily affect the long term of savings.
It is always recommended to consult with a qualified professional in the field.
Can I change the investment track in which my pension savings are invested?
Yes. During pension savings, you can change the investment track by contacting the body where your pension savings are managed.
It is important before the change to consult with a qualified pension consultant.
I will retire in the coming months, should I not withdraw my pension money?
The COVID-19 crisis brought with it a negative impact on the capital market, which affects our accumulation (the balance of funds in the fund) and can lead to a certain decline in the allowance.
Before making a decision, it is important:
- Ask your pension company what the extent of the change was. Whether the descent was sharp or moderate, it depends on the route you chose.
- If you can wait with the withdrawal then wait, probably at some point you will be on it again.
- In such a situation, it is imperative to consult with a retirement consultant/planner
I was put on unpaid leave or fired from my job because of the situation, what will happen to my pension savings?
In a situation of unpaid leave, it is necessary to check with the employer whether he continues to make deposits into the pension fund or not. In most cases of dismissal or unpaid leave, the employer stops making monthly deposits into the pension fund. It is necessary to verify with the body managing the pension plans and / or the insurance agent that you are in a “temporary crash”, this is a situation in which the rights and insurance related to the pension plan are preserved.
Is it possible to prepare a durable power of attorney not with an attorney?
Not. A durable power of attorney is made by an attorney who has undergone training as the Guardian General.
Can I get a pension and continue working?
Absolutely. If you have reached retirement age, you can also receive a pension and continue working. Even with the same employer.
What is the right way to maintain a balance between my desire to help my children financially and my needs, especially during the uncertain times of COVID-19?
There is no definitive answer. Everyone needs to check their financial ability in both the short and long term and make an informed and honest decision about their ability to help.
It is recommended to share with the children the dilemma and abilities.
