Do I still need to buy old-age insurance after buying social security?

Do I still need to buy old-age insurance after buying social security?

Whether you need to buy old-age insurance after buying social security depends on your personal needs and situation.

Social security is a comprehensive social security system provided by the government, including endowment insurance, medical insurance, unemployment insurance, industrial injury insurance and maternity insurance. By paying social security, individuals can get certain security, such as receiving a monthly pension after retirement and getting certain economic compensation when they are sick or unemployed.

Endowment insurance is an important part of the social security system, which mainly guarantees the basic needs of the elderly. In social security, endowment insurance is generally paid by individuals and enterprises. After paying a certain number of years, you can receive a monthly pension after retirement.

If individuals have purchased social security and have a high demand for future pension, they can consider purchasing commercial pension insurance as a supplement. Commercial old-age insurance can provide a higher level of protection, and can choose the payment amount and guarantee period independently, which is more flexible.

First, the level of social security and endowment insurance.

The level of social security and old-age insurance is low, which can only provide basic old-age living security. If individuals have higher requirements for future pension life, such as higher pension or better medical security, they need to consider buying commercial pension insurance as a supplement.

Second, personal economic situation

If the individual's economic situation is relatively comfortable, you can consider buying commercial old-age insurance to improve the level of old-age security in the future. If the personal financial situation is relatively tight, you can choose whether to buy commercial endowment insurance according to the actual situation on the basis of purchasing social security.

Third, the return on investment

Commercial pension insurance usually has a certain return on investment, which can make up for the deficiency of pension to some extent. Therefore, if individuals have certain requirements for the return on investment, they can consider buying commercial endowment insurance to improve the return on investment.

To sum up:

Whether to buy old-age insurance after buying social security depends on personal needs and circumstances. If individuals have higher requirements for the future pension life, or have certain requirements for the return on investment, they can consider buying commercial pension insurance as a supplement. If the personal financial situation is relatively tight, you can choose whether to buy commercial endowment insurance according to the actual situation on the basis of purchasing social security.

Legal basis:

Article 2 of the Social Insurance Law of People's Republic of China (PRC) stipulates that the state shall establish social insurance systems such as basic old-age insurance, basic medical insurance, industrial injury insurance, unemployment insurance and maternity insurance, so as to guarantee citizens' right to receive material assistance from the state and society in case of old age, illness, industrial injury, unemployment and maternity.