As you know, old age comes imperceptibly. Throughout the world, human life expectancy is increasing due to advances in health, nutrition, and technology. Such a new age threshold of the population, on the one hand, opens up fantastic opportunities, and on the other, new problems.
How do you make sure you get credit support when you retire?
How Can Retired People Apply for a Personal Loan?
Loans from banks are in increasing demand due to the following circumstances:
1. Firstly, foreign financial institutions are characterized by a higher degree of reliability than Russian ones, so clients tend to trust them more.
2. Secondly, in many countries there are quite flexible lending conditions not only for compatriots but also for foreigners.
3. Thirdly, the interest rate on loans in European countries is lower than in Russia (on average, from 4 to 6% versus 14-15%, respectively).
Foreign financial institutions prefer lending to the following categories of foreign clients:
- residents of the country, that is, those who permanently reside in the territory of the state from whose bank they intend to take out PayDay Say online small personal loans;
- having a residence permit in this country;
- working on the region of this state under an employment contract;
- carrying out entrepreneurial activity in this country;
- owning real estate on the territory of the creditor state;
- having a deposit or a positive credit history in one of the banks in the country.
Features of Pension Systems in Different Countries of the World
Any state tries to make sure that the pension system in the country is in a stable state. However, it is rather difficult to accomplish this in modern conditions. In various countries, in 2015-2016, the retirement age began to rise, this issue began to be discussed everywhere.
These conversations were raised primarily due to the global crisis because if you exclude pensioners, then there will be practically no one to work with. The stock of funds in the treasury of any country cannot cover all costs, so it has to be replenished by extending the working age of the population.
Accordingly, the retirement age of people cannot be the same for all countries. One should regularly be interested in changes in this area so as not to miss any pension reforms.
Great Britain
Retirees in good old England are among the wealthiest in the world. This is evidenced by statistics: about 40% of all real estate in the country belongs to people of the older generation. From 15 to 20% of pensioners own two houses with an average cost of 350 thousand dollars. However, according to the UK’s State Statistics Service, most of these houses were purchased in the mid-80s, when real estate was much cheaper.
Spain
The main support for pensioners in Spain is their relatives, including the most distant ones, if there are no close ones. Although the size of their state pension is quite decent — 700-900 euros per month. At the same time, they are provided with reduced fares and low food prices.
Finland
In this northern country, the maximum pension is not limited and depends on the level of income earned during an active economic life. But the minimum is strictly set — it is 550 euros per month (about 20 thousand rubles). However, the average pension in the country is 1200-1500 euros. With these funds, Finnish retirees buy delicacies, go to fitness centers, and go on vacation abroad. Some of them buy houses somewhere in Spain or Portugal to travel there as a summer cottage.
Germany
In addition to the minimum pension of 350 euros, the state pays the Germans for housing (56 sq. M per person) and utilities. With the remaining funds, the average pensioner can maintain a car, travel abroad twice a year, and pay for medical insurance. For the poorest old people, there are “retirement homes” with low rents, cheap cafes, and round-the-clock medical care.
USA
The minimum pension in America is about $300. This amount is charged in the event that a person has never worked anywhere and has no right to any additional payments. If there is at least a small length of service, then the size of the pension will increase by one and a half times.
For example, unskilled workers receive $700 or more after retirement. If we compare this income with the salaries of the corresponding specialties, then the pension is 20-35% of the previous income. As a rule, there are no special benefits for retirees in the States.
However, for retirees, there are so-called condominiums — apartment buildings where they can live and pay for housing together. They are also provided with various social services.
Israel
There is a mandatory old-age pension in the Promised Land — about $340. It is paid regardless of the availability and size of work experience.
What Is the Best Way to Save for Retirement?
After retirement, the key is not to overspend your capital, or it will run out sooner than you think. An overseas broker and insurance company are the best ways to accumulate for retirement in foreign currency abroad. What exactly to choose depends on the personal situation.
You can use the unit-linked accumulative program if you want to accumulate capital in order to ensure a stable financial position. This is especially suitable if you have problems with discipline — you do not have the willpower and order to invest regularly yourself.
You can also open an account with a foreign broker; if your capital is enough to open a brokerage account, and the broker’s commissions in relation to the capital are not high, you are not a civil servant; you have no problem with investing discipline.
A unit-linked policy with a lump sum is suitable for you if your investment amount exceeds $30,000 (preferably $100,000) if you have a desire to optimize your income and ensure yourself in retirement status.
The choice is serious, and you must remember that the main thing is that you always need to analyze, think about which option suits you best.
