Introducing MaltaCEOs.mt’s latest series, Work and Wealth Watch, where money coach Luca Caruana gives his expert responses to all your questions related to money, work and wealth. Want to see your own questions answered on MaltaCEOs.mt? Send your questions on email@example.com
As a 38-year-old professional in Malta, I’ve recently stepped into a higher role at my company, which has increased my annual gross income to €55,450. This promotion has been a significant turning point, not just career-wise but also in terms of my financial planning, especially now as a married woman with a young child.
While I feel fortunate for this financial improvement, it also brings new challenges and responsibilities in planning for the future. I’m acutely aware of the need to strategise effectively for retirement. Given that contributions to Malta’s national pension scheme are a mandatory part of our taxes, I’m concerned that the government pension alone might not be sufficient for a comfortable retirement, leading me to consider the option of private pension schemes. However, I find myself uncertain about how to choose the right plan or the ideal contribution level.
Given my current earnings, I’m looking to establish a solid savings goal that aligns with my family’s needs and future aspirations. Balancing between the national scheme and private pension options, and, understanding how much of my income should be allocated towards retirement savings each month, is where I need guidance.
I am seeking knowledge on how best to navigate these options in the context of my new income level, family responsibilities, and long-term financial security. Any insights on how to approach retirement planning effectively at this stage of my life would be invaluable.
Dear Forward-Thinking Professional,
Congratulations on stepping into a higher role! It’s a significant milestone, and with it comes the opportunity to redefine your approach to retirement planning. Here’s a no-nonsense guide to help you navigate these new financial waters.
Remember, retirement planning is about playing the long game. It’s not just about stashing away cash; it’s about making smart, informed decisions that will pay off in the future. Your journey to a comfortable retirement starts now. Let’s make every euro count!
Luca, The Money Coach, from the Money Coaching Hub
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