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Sunday, January 22, 17:00 Israel time
Why should young people open pension plans early in their careers? Why is the beginning of 2023 the ideal time to check one’s financial and retirement plans?
Tamar Uriel-Beeri, Managing Editor of jpost.com, interviews Gideon Yardeni, veteran Bank Hapoalim pension analyst and retirement planner, to discuss the importance of creating retirement plans at an early stage in one’s career. “Because life expectancy is rising, the public has to be aware of the need to save more money at an earlier stage,” says Yardeni.
Most people who seek pension advice, he says, are between the ages of 50 and 75. Young people often feel detached from the concept of retirement planning or have a psychological fear of discussing the subject. “Pension advice,” he notes, should be perceived as long-term financial planning.”
Yardeni says that some common mistakes people make regarding pension planning include complacency and waiting to request pension advice until they are late in life. In addition, some individuals choose a non-optimal risk composition for their pension investments.
As a veteran pension advisor, Yardeni advises that people take a long-term approach and approach pension savings strategically rather than tactically and suggests age-related planning to clients where the older the client, the less risky the assets.
Yardeni provides tips and advice as to what people should be doing to ensure that their pension plans are up-to-date and protected in today’s turbulent economic climate. He recommends that individuals consult at an early stage regarding their pensions, and from then on, consult regularly with a pension advisor.