2024-01-14 21:39:00
Photo: Pixabay
“You don’t retire, you plan for retirement.” This is one of the sentences associated with Meir Zakaria. Zakaria has about 25 years of experience in the pension industry, and over the years he held various management positions at the veteran insurance companies and the veteran insurance company, as well as being involved in the establishment and management of Altshuler Shaham’s pension funds. Since 2013, Zakaria has been engaged in pension planning and guidance. “Retirement is once in a lifetime and for a lifetime,” he adds.
“The process of retiring is a complex process, accompanied by many emotions, concerns and questions such as how life is expected to change, what will be the sources of income from now on and more. Beyond these questions, we are witnessing processes such as the lengthening of the working period and more customers who choose to continue working and receive a pension at the same time, and everything is accompanied An increase in life expectancy and the cost of living and changes in needs and preferences. These processes require planning for the needs of the family in the present and in the future, in the form of the manner and order of realization of the pension and financial savings so that it is adapted to the needs and expected developments in the long term.
“Retirement planning has significant economic value in terms of income, in the circumstances of an insurance event, God forbid, in the area of taxation, in accordance with the expected life expectancy, and of course also in the intergenerational aspect – all individually tailored to needs and circumstances.
“It is important to know that you can benefit from tax savings at almost all stages of the transition from work to retirement – from handling compensation from the employer at the end of work, through the monthly pension to the stage of inheritance and intergenerational transfer. In order to carry out planning, it is necessary to collect documents of past and present termination of employment, definition of daily living needs, The sources of income and adjustment to the structure of current expenses, examination of the insurance and financial portfolio and more.
“Correct planning can help the retiree and their family in the following aspects:
When do you start planning for retirement?
“Retirement planning and the realization of savings can be done at any age, but the majority begin the process when they approach the legal retirement age, that is, from age 60 onwards and towards age 67 for men and gradually age 65 for women. Planning is suitable for everyone: whether you are an employee, an employee with control, Self-employed, retired and even a combination of employees, self-employed and retired, etc.
“It is important to note that the planning for realization and retirement refers to two spouses and the aspects of the family unit in general.”
How is the retirement planning process carried out?
“You come to the meeting accompanied by your spouse, agent, CPA, children or other family members. The planning refers to both spouses, if relevant. After we have collected information through the pension clearinghouse and the insurance mountain, and we will complete a customer questionnaire that examines additional financial and personal aspects – we will hold a discussion and present a plan that will refer to the order of operations and the schedule that can be implemented starting from the day of the meeting until the stage of finishing work or realizing the savings. The program combines realization of capital and annuity, aspects of taxation at the various stages, presentation of medical and nursing insurance status, method of investment in financial savings and concern for the needs of the family (spouse, children) and more.
“As part of the planning, points will be raised for treatment and reference, while integrating the relevant factors at each stage such as an agent and other professionals such as an employer, accountants, tax advisors, lawyers, etc. It is important to note that part of the planning also refers to the examination of the existing financial and pension portfolio, while referring to the structure of deposits , management costs, insurance coverage structure, investment alternatives, liquidity and the like.
“At the end of the meeting, an orderly summary will be sent with all the information and points presented in the meeting (for action/decision/consideration and examination) and for each action it will be shown what to do, who is involved and when. Later it is necessary to contact an agent who will assist in the implementation of the plan and its execution.
What does it mean to retire without prior planning?
“The lack of planning can lead to standard decisions that are not necessarily adapted to the saver and the family unit, exposure to a short life expectancy, God forbid, failure to exhaust tax benefits in the transition from work to retirement to inheritance, an improper exercise order, etc. Emphasize that some actions are irreversible and cannot be corrected/changed “.
How does the work of the agents fit into your activity?
“We work in close cooperation with agents in planning for their clients who are preparing for the realization phase. Many times the agents participate in the meetings, and of course they help the savers to implement the decisions made in the meeting. We accompany the agents on an ongoing basis and support them professionally as needed.
“In addition to agents, we have collaborations with various parties such as family offices, accountants, lawyers, employers, workers’ committees and more.
“The collaborations help in planning adapted to the needs of the customers, as well as successful implementation of the planning through a lender – all for the benefit of realizing the needs and preferences of the savers and their family unit.”
In summary, it is about carrying out a process at the end of which the saver receives a report that includes clarifications regarding the realization and retirement process, exercise of rights, utilization of tax benefits, risk management, mapping of inheritance options and intergenerational transfer. Planned realization of the pension savings and order and manner of carrying out the operations, And this while referring to the needs and preferences of the saver and what is important to them in the long term.
Legal notes: Altshuler Shachem, referring to pension Pension Insurance Agency Ltd., is an insurance agency of the Altshuler Shachem group, which has a corporate agent license in the pension insurance branch No. 514950021 and is engaged in providing pension marketing services (hereinafter: “the agency“); the service is paid; the agency is related to the pension and financial products managed by companies in the Altshuler Shaham group as well as to the products offered by other institutional bodies as detailed in the disclosure published on the agency’s website; the information presented in the article is only helpful material and this information should not be considered factual or complete information and exhaustively of the aspects involved in the financial and/or pension assets and/or any other investment mentioned therein; this article is for informational purposes only, and does not contain any advice or offer or recommendation or solicitation or invitation to purchase financial and/or pension products/or A recommendation regarding the feasibility of investing in any pension or financial products mentioned therein; the content of the article is not a substitute for advice and/or pension marketing and/or personal investment marketing that takes into account the data and special needs of each person; the service is intended for guidance only, and does not guarantee an improvement in income or conditions The pension and/or financial products, with all that is implied; the service offered is not a substitute for professional tax advice.
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