How Much Do I Have and Where Is My Money? A Guide to Finding and Tracking It
Your pension savings are built over decades, but to ensure they are managed properly, it is important to know how much money has accumulated, where it is managed, and what to expect at retirement. On this page, we will explore HaMislaka HaPensionit (המסלקה הפנסיונית) and periodic statements and learn how to review accumulated savings, expected pension, management fees, contributions, and insurance coverage.
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Most people save for PensionA monthly payment made to a person after retirement from work in order to help maintain their standard of living. for decades but rarely stop to examine the data. A simple periodic review is not merely a technical matter; it is a powerful tool that can reveal excessive management fees, irrelevant Insurance coverage, or old accounts that have been left behind and forgotten.
How does it work in practice?
To gain full control over your money, you have two complementary tools that allow you to see the full picture:
1. HaMislaka HaPensionit (המסלקה הפנסיונית): all savings in one place
HaMislaka HaPensionit (המסלקה הפנסיונית) is a central system that consolidates all your Pension information in one place. Instead of contacting each InsuranceA contract under which an insurance company undertakes to compensate the insured in the event of damage in exchange for a periodic payment. company separately, you receive a complete overview in a single report. The report is easy to read and use, presenting information visually through comparison tables and explanations, making it user-friendly and easy to understand.
Want to understand how to use the clearinghouse and generate a report? Read the guide to generating a report from HaMislaka HaPensionit (המסלקה הפנסיונית).
What can you see in the clearinghouse report?
- A summary of accumulated amounts in Pension funds, managers' Insurance policies, provident funds, and study funds, as well as the Pension amounts you are expected to receive upon retirement.
- A summary of Life insuranceProvides for payment of a sum of money to beneficiaries in the event of the insured person’s death. and loss-of-work-capacity coverage.
- Full details of each product and where it is managed.
The personal Pension report—what do you actually receive?
The goal is to get a general overview of whether your savings are on a reasonable track or whether a more in-depth review is needed.
- Where are the funds managed, what are the management fees, and are there duplicate or inactive products?
- How much money has accumulated in each account, what is the expected Pension at retirement age, and what Insurance coverageThe list of events and damages for which the insured is entitled to compensation. is in place?
How to read the report (without getting stressed)?
On the first page, focus on only 2 data points:
- Accumulated amounts
- How much money you have in total across all accounts.
- Expected Pension
- Is the estimated monthly retirement amount realistic for you?
On the second page of the HaMislaka HaPensionit (המסלקה הפנסיונית) report, you will find a summary of the Insurance coverage and related entitlements included in your Pension products. You can see the coverage amounts in the event of death (death insurance), disability or loss-of-work-capacity coverage, as well as additional coverage such as long-term care insurance or Mortgage insuranceA combination of life insurance and building insurance required by the bank to secure repayment of the mortgage., if available. The report shows the expected monthly PensionThe monthly amount paid to the saver in retirement, calculated by dividing the amount accumulated by a "conversion factor." in the event of loss of work capacity, as well as the lump-sum and monthly amounts beneficiaries will receive in the event of death.
Later in the report, there are separate pages for each product, with full details about the product and where it is managed. The details are presented in a table containing Pension information, Pension insurance, ReturnThe profit (or loss) from an investment over a certain period, usually expressed as a percentage of the original amount invested., contributions, policy numbers, management fee amounts, and more.
When should you review your Pension?
There is no need to review your Pension every month. A comprehensive annual review is sufficient, but certain life events require an immediate review:
| Type of change | Why review? |
|---|---|
| Changing jobs/salary change | Ensure that management fees have not increased and that contributions are correct. |
| Marriage/divorce/birth of a child | Update Insurance coverage and beneficiaries. |
| Becoming self-employed | Build a new contribution plan and maintain continuity. |
2. Periodic statements: the in-depth view
Each Pension provider sends you Periodic statements (quarterly and annual summary statements). While the clearinghouse provides the "big picture," these statements allow you to verify that ongoing management is in order and provide up-to-date information about your savings:
- Savings amount: The balance at the beginning and end of the period, including contributions and returns.
- Expected Pension: An estimate of the Pension at retirement age based on the current situation.
- Insurance coverage: Disability, survivors' coverage, and Insurance amounts.
- Transactions and contributions: Contributions, profits, Insurance costs, and management fees.
What is important to check in a periodic statement?
Key checks
- Actual contributions: Did the money deducted from your payslip actually reach the account? (Compare the statement with your payslip.)
- Returns and investment track: How did your money perform in the capital market? Is the track still suitable for your age?
- Unusual changes: Did the management fees suddenly increase? Is there a sharp decline that cannot be explained by market conditions?
Common mistakes that statements reveal
A simple review can prevent years of accumulated damage:
Compare and choose wisely
Before choosing a Pension fundA savings vehicle based on mutual risk sharing that includes insurance coverage in cases of disability or death., it is worth reviewing the table we created for you, based on Israel Capital Market Authority data, and comparing which funds delivered the highest Return with the lowest management fees.
In summary,
The combination of HaMislaka HaPensionit (המסלקה הפנסיונית) and periodic statements gives you full control over your financial future. Most pension mistakes do not result from a single wrong decision but accumulate due to a lack of ongoing monitoring. A simple annual review will ensure your money works for you rather than being eroded by neglect.
It is important to remember: you do not need to be a financial expert or understand complex actuarial calculations to take back control. To ensure your savings are on the right track, it is enough to understand the report's four key pillars:
- Total accumulated savings
- How much money has accumulated in your name to date?
- Expected pension
- What amount will you receive each month upon retirement?
- Management fees
- How much are you paying to manage your money, and can the cost be reduced?
- Insurance coverage
- Do you have suitable protection in the event of disability or death?
Consistent, simple monitoring can improve terms, prevent costly mistakes, and significantly increase the financial securityA general term for a tradable financial asset (such as a share, bond, or unit in a fund) that represents a right to an asset or to profits. of you and your family for the future.