How do I maximize my pension?

It's no secret that the statutory pension insurance is insufficient in most cases to maintain one's accustomed standard of living in retirement. Many people have already recognized the need for private retirement savings. However, the path to optimal retirement planning is fraught with pitfalls. In practice, two classic mistakes frequently emerge: Firstly, many investors are too risk-averse. They thus miss out on valuable return opportunities that should be seized, especially in their younger years – with a correspondingly long investment horizon. Secondly, there are investors who cling to an aggressive risk strategy for too long or simply forget to adjust their portfolio in time. This can lead to them losing a large portion of their accumulated assets in the event of a stock market crash shortly before retirement.

So how should the risk component of a portfolio be managed until retirement? The answer is anything but trivial, as there are numerous ways to manage and adjust portfolio risk.