Riester Pension Consumers
An overview of the advantages and disadvantages of both Riester forms as well as a description of the target group has introduced since the Federal Government in 2001 the Riester pension, among these the most common age pension contracts at all. Banks, insurance companies and free agents like took the template of the Federal Government and heavily mediated Riester contracts. In the first quarter of 2010 the number of signed contracts amounted to 13.5 million. Now there is a similar trend in the residential Riester introduced in 2008 (home pension). Because the own real estate is also a kind of retirement savings, the State promotes also the acquisition or production of self shared home ownership. In the first quarter of 2010, the Germans had completed approximately 500,000 contracts. The consumer decision making has become more complicated by the additional possibilities.
You can choose not only between the various forms of the Riester pension insurance with different models of guarantee or the Riester Banksparplan. It applies first of all to make a choice between the Riester pension and the residential Riester. The recommendation for one or the other type of the Riester pension sometimes rather depends on the provider of the real needs of the customer. There are some simple guidance through the properties of the residential Riester, to come to a decision. The residential Riester is worthwhile for those who have the firm intention in the future to create self-use residential property (Riester real estate loans) would create (Riester savings) or already owning your own home. It completes a Riester contractor and the building society loan never takes, such a contract by the low interest rate is disadvantageous. It is also important to deal with the conditions for Government support. Only if you expect, also to be able to meet these conditions, should complete a residential Riester. People should be without the firm intention to purchase residential property or to establish, therefore better for Riester – pension insurance or choose a Riester Banksparplan. Prior to the conclusion of a contract should be whether an additional pension at all is required and whether a Riester-pension provision for the specific situation of the consumer is the right choice found of course first.
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