Recently, more and more people are talking about the topic of personal pensions, and many young people are also concerned about the future pension issues, especially how to allocate their assets, which is what most people care about. So today I will also talk about the right Some views on pension investment.
First of all, at the policy level, the General Office of the State Council officially released the “Opinions on Promoting the Development of Individual Pensions” in April this year, which mentioned three key points of pensions:
First of all, the personal account system is fully borne by individuals, and it is fully accumulated. It cannot be withdrawn in advance unless there are special circumstances. 12,000 yuan per year enjoys the preferential tax policies formulated by the state.
Secondly, this is different from social security pensions. For employees working in enterprises, the state compels units to pay social insurance for their employees. Social insurance includes endowment insurance, and today’s personal pension is designated by your investment. Wealth management products, such as bank wealth management or deposits, annuity insurance funds and FOF funds, etc., have an annual limit of 12,000 yuan, and the income is uncertain, depending on the operation level of the specific wealth management product, the product is closed, and the money can only be withdrawn after retirement. Participation or not is up to the investor to decide.
In addition, this system is mainly to deal with the trend of aging, so the country has created this system. In order to cope with the lack of pensions for people under the aging trend, some people will be curious. I can manage my own money. Where should the money be invested in the personal pension? In fact, the core point is very simple, that is, investing through personal pension accounts will have tax benefits. Some people may be confused about this. This is not attractive at all, but if you understand it from another angle, if you already have pension financing I plan to buy annuity insurance, buy pension target FOF funds, buy bank wealth management and deposits, etc. I originally bought it and bought it, just as long-term savings, now I can deduct a tax, if you think about it, is happiness? Will it increase a lot? Therefore, the biggest attraction of individual pensions is the tax incentives.
According to the preferential tax policy in the pilot program in 2018, if the above limit is calculated at 12,000 yuan per year, a special additional deduction of 1,000 yuan can be enjoyed each year. On September 26 this year, the executive meeting of the State Council decided that individuals who are supported by policies and operate commercially The pension is subject to individual income tax concessions, and the annual limit of 12,000 yuan is deducted for the contributors. The investment income is temporarily exempt from tax. The actual tax burden on the income received is reduced from 7.5% to 3%, which means that the tax preference has been substantially implemented. , whether it is the annual limit of 12,000 yuan pre-tax deduction, or temporarily no tax on investment income, will encourage more residents to participate in the investment of the third pillar of pension insurance.
Therefore, the planning of personal pensions can improve the living standards of residents in the elderly, cope with the trend of an aging society in the future, and also help to improve the liquidity of the capital market. In developed countries, personal pensions are the main long-term funds in the market, and they are also mutual In addition to personal pensions, how can investors formulate a reasonable and relatively high-yielding asset allocation for themselves?
Personally, I think the easiest way is to buy bank stocks with low valuation and good asset quality. There is no more stable pension investment model than this. Why do I say that?
Because bank stocks have a special attribute, that is, high dividends. For investors with pension needs, high dividends are the most suitable for such investors. Let’s take an example. For example, if an investor has 1 million, if he buys For bank stocks with a dividend of about 5%, then the annual increase in the stock price is not included, that is, the performance growth rate and the valuation repair, then 50,000 can be used as your pocket money, or it can be understood as the funds to improve the retirement life, plus Your personal pension and pension, then your quality of life is relatively good.
Moreover, the dividends of many bank stocks have been maintained at more than 5% for many years, and some are even higher. Even if we calculate the dividends at 5% and calculated at 1 million, then if the annual income of 50,000 is converted into monthly income, it is about 4,000. Let me ask, If you have more pocket money of about 4,000 yuan per month after retirement in the future, your quality of life will of course be better than some ordinary seniors. Therefore, excellent bank stocks with high dividends are especially suitable for investors with pension needs.
Not only that, banks also have the characteristics of being a pension investment, that is, low valuations. Bank stocks seem to have always represented the existence of low valuations. In my impression, the low valuations of bank stocks seem to last for about 10 years. Even if the valuation will be revised in the future, due to the economic cycle, bank stocks will still return to the low valuation range, so the low valuation of the banking sector should be the norm, so such a valuation gives investors allocation , or create a margin of safety for buying.
You must know that the most important thing in pension investment is stability, not to obtain excess returns, but to obtain relatively reasonable returns, then the low valuation of bank stocks is based on the establishment of a stable foundation, so as to pursue the investment logic of relative returns. If the value is revised, your income will be higher. Even if the valuation is not revised, buying a bank with an extremely low valuation can bring about a 50% return in the future. We extend the time to 10 years, then the year Investing can earn about 5% more income, so the condition of low valuation is also a model suitable for pension investment.
So in addition to high dividends and low valuations, the most important thing is the growth rate of the bank’s performance. Many people always think that bank stocks are stupid and rough, and the stock price will not rise very much. They are blue-chip stocks that lack imagination. In fact, this is wrong. Viewpoint, if investors compare the banking sector with other industries based on the dimension of about 10 years, you will find that very few companies have more income than the banking sector. The main reason is the steady growth rate of banks, which is determined by the operating characteristics of the industry. Yes, bank stocks may not have such a strong explosive power, but the steady growth rate of performance will bring long-term good returns. Just like the tortoise and the hare, the banking sector is like the slow tortoise, but it can always get the last Victory, as long as those who invest in bank stocks for a long time will have lower returns than those on popular tracks.
And the performance of bank stocks is still very certain. As long as it is a large bank with stable operation and good asset quality, then the annual performance growth rate of about 5% to 10% should be no problem, mainly because of the growth rate of M2, many people If you don’t understand the meaning of this expression, then you should remember that as long as the economic growth rate is upward, that is, the GDP is still in an upward trend, and the per capita income is still increasing, then the performance of the bank will continue to hit new highs. This is the The characteristics of the financial industry, the growth rate of performance is essentially the amount of money in the market, so how can there be a ceiling for money? If not, then there is no so-called ceiling for the performance of the bank. Therefore, as long as it is a bank with asset quality and a sound risk control system, the performance will continue to hit new highs with the development of the economy, and the growth rate of performance may slow down, but A record high is inevitable. This is not an industry that will continue to retreat, but an industry that will continue to advance. This is the main logic of investment banking stocks.
Therefore, high dividends, low valuations, and stable performance growth are the first choices for pension investors. Therefore, from this perspective, low-valued and excellent bank stocks are undoubtedly worthy of allocation by investors with pension needs planning. So how to choose a long-term holding bank?
Personally, I think that the quality of a bank can be measured from the following dimensions, such as the bad debt ratio, provision coverage ratio, and the quality of the customer base. Of course, these are all understandings at the stock level. It can be understood from an incremental level, that is, a dynamic perspective, such as business structure, or the strategic development of the company, the regional environment, etc., select a few banks as your asset allocation, and create your own fund of funds. , For example, state-owned banks, joint-stock banks, and city commercial banks can all choose some, and then form your own bank index fund, then such a diversified allocation method can strengthen your ability to resist risks in investment, and the rise of different banks will be smoother. Your investment income, but these all need to be based on high dividends, low valuation, stable performance growth, and relatively good asset quality, then with these objective conditions selected bank stocks portfolio, as your pension The investment must be very good.
So someone here asks, what to do if you don’t understand the above? That is, what should I do if I don’t understand what an excellent and cheap bank is, and I don’t understand the logic of investment? In fact, it is also very simple, that is, to pursue the income of the industry index, it is also possible to directly buy the bank ETF (512800), to obtain relative income, and to pursue the overall development trend of the industry is also a good investment strategy.
Although buying index funds does not bring better returns than picking individual stocks by yourself, you need to know what your starting needs are, that is, the planning of pension investment, then bank index funds are completely competent, because high dividends, low Valuation, performance growth, and asset quality are also available in industry ETFs, so whether they are buying excellent low-valued banks or participating in industry ETF investments, they are all suitable for investors with retirement plans.
The above are the opinions on personal pensions and pension investment planning. For the asset allocation of pensions, the pursuit of excess returns is not the main thing. Steady asset allocation and relatively reasonable returns are the goals you need to achieve. There are many People are always chasing the ultimate profit, and indeed they have achieved very good results, but when you get huge profits, are you really happy? What do you get when you earn money? This is the question we need to think about, whether to control money or be enslaved by money, this may be something every investor needs to ask himself, because investment always requires a correct understanding of money. In fact, investment is still for your better. Life, the pursuit of the true self, if investment does not bring you happiness, then the path you are taking at this time may not be the right one, only when the investment brings you positive feedback, making your life better, thinking When you become richer, then you have embarked on a correct path, so pension investment planning is also the same, which is to allow yourself to realize the free life you want.
——————————————————————————————————————————————————— —–Disclaimer: The opinions published above are all subjective opinions of my own, for reference only, do not constitute investment advice to anyone, and do not have any representativeness. Investors operate on this basis at their own risk.
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