Store, but not under the mattress: Sevastopol residents can take advantage of a long-term savings program

Residents of Sevastopol can take part in the long-term savings program. This is a simple and understandable product, experts say, which will allow citizens to receive additional income in the future.

A long-term savings program is one of the important tools for those who think strategically and invest in their future. There are different periods in the life of an entrepreneur, sometimes a business is going through hard times. Therefore, looking into the long term, planning a stable income in the future is the right approach for any manager and entrepreneur. Diversification, distribution of investments in different assets is the key to long-term success. A long-term savings program in this sense can become an additional «safety cushion», a source of financial stability. Part of your income can be invested in this program, especially since today in Russia there are reliable mechanisms for guaranteeing deposits, protecting property rights and savings of citizens. The high level of deposit insurance under the long-term savings program is another confirmation of this. I am sure that such a program will help many Russians ensure a decent future for themselves— the press service of the Government of Sevastopol quotes the Commissioner for the Protection of Entrepreneurs’ Rights in Sevastopol, Ilya Pesternikov.

A person can form savings independently by making contributions from personal funds, as well as by using previously created pension savings. It is possible to transfer funds from a pension account to an account under a long-term savings agreement using the State Services portal or by submitting an application to the NPF.

The program does not provide for any requirements for the amount and frequency of contributions paid under the program. The amount of both the first and subsequent contributions is determined by the citizen independently.

In addition, the employer will also be able to make contributions under the long-term savings program. The funds deposited into the account will be insured for 2.8 million rubles.

Savings can be used as additional income after 15 years of participation in the program or upon reaching the age of 55 for women and 60 for men. The funds can be withdrawn at any time, but early withdrawal without loss of income is possible in the event of special life situations — for expensive treatment or for children’s education.

Citizens’ funds under the program are inherited in full, minus the funds paid out.

source: press service of the Government of Sevastopol