Here's Why Maltese Millennials Should Set Up Their Private Pensions ASAP

You'll thank yourself soon enough

Bongu Hi Orrajt 2 82

Have you ever thought about what your retirement will be like? Whether it’s you cruising on a yacht or chilling out in the garden sipping on a G&T, what really makes you think hard about the future is financial security.

We all get a bit sweaty and miffed if our later years are marred with insecurities.

So why not try to set up your own private pension plan? It’s not that hard, and we’re here to explain this stuff to you.

1. "But retirement is ages away"

Yes, exactly.

It’s very important for you to start saving up from a young age so that you’ll be richer once you’re older.

See, from as little as €40 per month, you can preserve your purchasing power in retirement and have some solid compounding.

2. "What's a purchasing power?"

Basically, the value of currency goes up and down over the years. The purchasing power is really important as it determines how much glitter and useless trinkets you can buy with your cash when you're all wrinkly.

Compounding, on the other hand, is interest. So when you invest money, you get an interest sum based on how much you’re saving up.

3. You’ll get some sweet relief

If you invest in a private pension, you won't just feel better, you'll also get tax relief.

That means you’ll play less tax on those savings brah. Isn’t that cool?

Under current legislation you will benefit from a 15% tax rebate against your contributions made, up to a maximum of €150 per annum.


4. Traditional pensions are on a decline

Let’s face it; the more time goes by, the lower pensions are getting.

We're an ageing population, and that means government pensions might soon become a thing of the past.

5. You might have the opportunity to retire earlier

Saving earlier for your retirement will not only help you safeguard your future, but it might also mean that you can retire a tad bit earlier.

In a private pension scheme you can retire from as early as age 50.

6. The earlier you start, the better

If you start saving up earlier, you will have more money saved up by the time you retire.

That might sound obvious, but in the long run, it means that you'll totally be able to get that boat you want so bad.

7. No need to get raging anxiety over this

If you feel really anxious and can relate well to all of the above, Lifetime Private Pensions is the best plan for you.

These guys have very favourable rates and make contributing easy with a monthly direct debit. Moreover, Lifetime offers you the flexibility of being able to pause your contributions for a few months or a few years.


Click here for more details and tag someone who really needs help with saving up!

READ NEXT: 9 Life Lessons Maltese Millennials Learned From Hey Arnold

Endbanner

Written By

Chiara Micallef

Comments