Pension is not enough to live on

Find solutions when the pension is not enough

• Notice your retirement provision is not enough to live, so it is important to admit this early. The earlier you recognize the situation, the better you can adjust to it. Get ahead of that Retirement the notification of the amount of the payments, so you can save money in advance for the tough times.
• If you are already retired, you should carefully analyze your financial situation. Make a list in which you compare your income with your expenses.
• Perhaps you have other income from investment income or the like in addition to retirement provision. When it comes to spending, it's important to really record everything. Think about insurance
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  costs for food, telephone and internet, for leisure activities and also for costs that you only have to pay annually. It is important that you know exactly what you are spending your money on.
• Think about the causes that have made your retirement savings so poor. Did you not take care of a private pension in good time or did you overestimate certain expenses financially? If you know how it came to this, you can avoid further effects of the strain.

The better way to manage money for life

Many people only learn to be economical with money when they notice that the pension not enough for life. Perhaps you did not have to worry about how you would handle your money when you were employed, because there was always enough available - high time to make up for it.

• Keep a budget book. You can also do this digitally on your computer. So you can see exactly how much money you have spent on which things. For example, if you often buy little things to eat, you can minimize these expenses if you only go shopping once a week. Then you don't run the risk of rashly spending too much money; for example, if you often buy fast food or snacks.
• Terminate contracts that are too expensive. Maybe you have insurance that you don't really need. Then you could avoid further expenses if you have all insurance but that Liability- and Household insurance quit.
• Find a cheap electricity provider and avoid using too much electricity. You can save money with energy saving lamps. Devices that are on standby also consume a lot of energy. It is better to switch off electrical appliances completely when you don't need them.

Avoid deductions from the pension for additional earnings

• If you find that your pension is still not enough to live on, although you are already managing money better and reducing unnecessary expenses, you can look for a part-time job.
• Many retirees improve their retirement provisions with a part-time job. It is important that you make sure from the outset that your earnings are not cut because of additional income.
• Please note: If you are within the standard retirement age, which has been gradually increased up to 67 for people born before 1964, you can earn an unlimited amount of money in addition. Your retirement provision will then not be reduced.
• Those who have not yet reached the standard retirement age should take on a mini job and can earn up to 460 euros without reducing their retirement provision.
• If you earn even more for your retirement provision, you will unfortunately have to accept deductions. It can then happen that you will only be paid a partial pension.