If you don’t want to inherit your deposit, but want to use it up during your lifetime, you don’t have to switch it completely to bonds as a pensioner either. If the livelihood is secured and a regular additional payment from the custody account is not a must, even older investors can sit out price fluctuations. Depending on their age, they also have an investment horizon of 10, 15 or 20 years. Solid, non-cyclical stocks can also be used in this case to keep the share capital growing so that it lasts longer.
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These should be paired with safe bonds such as German government bonds with a short remaining term, for which there are now some yields again. Older investors should avoid long-dated bonds because of the high risk of interest rate changes. You may be forced to sell the securities at a low price before the end of the term. How high the equity and how high the bond ratio should be in this case depends – in a classic way and no different than with younger investors – on the individual risk tolerance and the return targets.