Ocidental launches innovative Retirement solution

The solution is already available at Millennium bcp and was conceived to answer the needs of the Clients that wanted to manage their accrued savings, receiving the value agreed monhtly, allowing to further improve their savings.

Its high flexibility allows to adapt to the specific needs of each Client, at each moment, contributing for the improvement of the quality of life. The Client may apply the saving in three pension funds (with different risk profiles), and may adjust, overtime, the investment strategy and the value of the monthly income to receive.

As a result of medical improvements, life expectancy has been increasing (more 20 years after the age of 65), which reinforces the need for additional income during the retirement.

In Portugal, the vast majority of the households have their own house – which is often seen as a way of saving. In fact, what frequently happens is that during the retirement the house is just used by the couple itself – being often misadjusted in terms of dimension and location to their current needs.

Nelson Machado, CEO of Life and Pensions, explains that “when people are older their savings are, usually, in the form of cash or bricks” and “the majority of people live in houses that are no longer suited for them”, concludes the CEO.

Aligned with the State Budget, that this year brings something new: it opens the possibility of retired people, or over 65 years old, to be exempt from the capital gains in real estate sales of their own and permanent housing. Per example, if someone sells a bigger house and acquires a smaller house and reinvests the difference in this solution, it may improve his/her life quality enjoying and additional and regular income.

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