Bank advisors, insurance brokers and financial advisers seem to agree: retirement provision should be started as early as possible. But are inflexible retirement products really for students or trainees? In the ideal case, consultants also look for people who are still in the middle of their training to provide them with appropriate advice.
Financial products must fit the life situation
Students or apprentices usually only have a few hundred euros a month. From this money, the young people have to live and cover their living expenses. Rent, food and books burden the already small budget. If an old-age provision product is also completed, there is often no room for maneuver. It may be true that a larger cushion for age can be saved if you start at an early age. However, this only applies if the conditions are optimal. If the student or trainee has to work additionally to afford pension products, this can be to the detriment of the study. Many old-age provision products such as the Riester pension and the Rürup pension are also proving to be inflexible. Anyone who wants to change or is unemployed after completing their studies can not access the accumulated money.
Stay flexible and hedge risks
Anyone who actually has some money left over as a student or apprentice and wants to save it should opt for flexible investment options. With a daily or fixed-term account many young people are better advised. Stocks can also be a good choice, since, as a young person, you have enough time to weather price fluctuations and let the money work for you for years to come. It is also important for young people to hedge risks. Particularly important here is the occupational disability insurance . Those who have the choice between old-age provision or occupational disability insurance during their training will better secure their future careers. If you then sit professionally in the saddle, retirement provision can be reconsidered and covered with suitable products. Many more useful tips on disability insurance can be found here.
Invest in your future career
Anyone who decides to study or do an apprenticeship is already making the best of their future and retirement provision. He invests in his own professional future. The training is in any case at a young age and must not fail because of an excessive demand through contributions to retirement .