5 things you should definitely do before the end of the year

When the year is coming to an end, there often isn’t much time to deal with admin. But with just a little bit of effort, you can save on money and time before the end of the year. These 5 tips will tell you how.

 

Author: Olga Miler

5 tips for your pillar 3a

5 tips for your pillar 3a:

I’m sure you know the feeling. The year is coming to an end, and suddenly things are getting hectic with Christmas just around the corner. These 5 tips mean you won’t miss a single deadline, as well as making sure you're in the best possible position for the new year and save a lot of time.

pillar 3a - Tip 1

Set up a pillar 3a

If you haven’t set up a pillar 3a yet, 31 December 2020 is the deadline by which your deposit must be transferred. If you want to benefit from tax advantages this year and make provisions for your future, then open a pillar 3a and make a deposit. We recommend that you make your deposit by mid-December.

Make a top-up

Sometimes there’s still some money left over at the end of the year, or you might have been given money for Christmas. Or maybe you don’t know what present to ask for from those distant relatives. You can top-up your pillar 3a up to the maximum amount of CHF 6,826. 

 

This way you benefit twice over – on the one hand you build up your retirement savings and on the other hand you save on taxes.

pillar 3a - Tip 2

pillar 3a - Tip 3

Make plans for 2021 now and set up standing orders

If you’re already dealing with your pillar 3a, you should decide at the same time whether you need another pillar 3a and also set up the standing orders for the following year. It doesn’t matter if it’s a one-off payment or a monthly payment, if you do it now then it’s done. You don’t have to worry about it any more and you can start the new year with a smile on your face.

 

Tip: If you're employed and a member of a pension fund, you may pay in a maximum of CHF 6,883 in 2021. Over 12 months, this amounts to approximately CHF 573 per month.

Turn your plans into reality

Did you want to think about whether you should invest your retirement money in securities? Or did you actually want to switch to a cheaper provider? Did you put it off because life got in the way, and you still haven’t done it yet? Don’t wait any longer, and set a goal to do it by the end of the year. That way you’ll start 2021 full of energy, instead of with resolutions that get put off and only frustrate you because they’re in the back of your mind.

pillar 3a - Tip 4

pillar 3a - Tip 5

Get your documents in order

Lots of documents start to pile up at the start of the new year, such as end-of-year statements, interest statements, tax certificates as well as letters and e-mails. Gather them all together and get them in order now, as soon as they arrive. This will make it easier for you to fill in your tax return and will save you a lot of time come January and February.

 

What’s more, as of the beginning of the year you can conveniently access your tax documents from frankly via the app at Profile -> “Mailbox”.

Your end-of-the-year pensions checklist

Olga Miler

Olga Miler - frankly Expert

Olga Miler is a financial and innovation expert. She has received numerous awards for her transformative work in the financial industry, including “Inspirational Woman of the Year 2019” (CityWealth Magazine), Top 200 Women in Fintech Powerlist (Innovate Finance) and recognition in the global press such as BBC News, CNBC and the Financial Times.

 

As an advocate for financial education, she regularly speaks at international conferences and writes the “Women & Money” blog for Watson News as a freelance columnist. After working at various banks she founded her own start-up, SmartPurse, a platform on which she offers digital courses, workshops and coaching on finance for women.

frankly Expert

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