In Switzerland, more and more people approaching retirement are wondering about the best way to manage the capital accumulated in their 2nd and 3rd pillar. Should it be left in a savings account, or should part of it be invested to preserve its value over time, despite market risks?
To discuss this, we met Mattia Scolaro, Director of Business Development & Wealth Advisory at Alpian, Switzerland’s first digital private bank. He shares his vision of capital management in retirement, combining prudence, guidance and a controlled search for performance.
About Mattia Scolaro
Mattia Scolaro joined Alpian before the bank’s launch in 2021, after more than ten years at Credit Suisse, where he notably served as a relationship manager for the Executives & Entrepreneurs client segment.
He is also a Certified Banking Economist (ES), a title obtained in 2019 from the Kalaidos School.
What should you do with your 2A/3A capital at retirement? Mattia Scolaro’s perspective
At retirement, capital management is no longer limited to simple preservation. In a context shaped by inflation, increasing life expectancy and volatile markets, more and more retirees are questioning whether they should invest part of their capital.
Mattia Scolaro shares his analysis of this shift and explains how Alpian supports its clients during this key phase.
Retirement is now seen as a new phase of wealth management. How does this change translate into your clients’ behavior?
When a person reaches retirement, the central question becomes: “How can I manage my wealth to maintain my desired standard of living?” This stage is often associated with a phase of capital consumption, but for many, it is essential to preserve this capital for as long as possible in order to live peacefully and pass on wealth to future generations.
For many retirees, this is also their first experience managing such substantial amounts of money. This can generate anxiety, especially in the absence of solid financial knowledge. Moreover, according to a study by the Lucerne University of Applied Sciences, a large majority of Swiss residents do not fully understand old-age pension issues. This is why our advisors play a key role in this transition, by offering suitable investment solutions and supporting clients in their decisions.
More and more retirees choose not to leave all their 2A or 3A capital in a savings account, but to invest part of it. How do you interpret this trend?
This trend is partly explained by the current interest rate environment, but above all it reflects sound financial logic. In Switzerland, around 35% of people who withdraw their pension capital deposit it into a current or savings account, which exposes their wealth to a loss of value if inflation exceeds interest rates. In other words, this represents a significant opportunity cost.
At Alpian, we encourage a more proactive approach: once the amount required for immediate needs has been defined, it makes sense to invest the remainder while taking into account the available time horizon. The longer this horizon, the higher the probability of achieving returns superior to those of a simple savings account.
What are the main motivations that lead these retirees to invest part of their capital after retirement?
Several motivations come together. The first is protection against inflation, which can rapidly erode the purchasing power of capital left in a non-invested account. In the current environment, this factor has become particularly central.
The second motivation is the search for additional income, in order to preserve one’s standard of living over the long term, in an environment where pensions and interest rates are no longer always sufficient to offset the rising cost of living.
Finally, there is a dimension of continuity: people who invest after retirement are often already familiar with financial markets or supported by professionals. For them, investing after 65 is not a break, but the continuation of a well-thought-out wealth management approach.
This highlights the importance of sound advice: when one feels they lack the knowledge or time needed to manage investments, relying on an expert becomes essential to avoid mistakes.
Conversely, what are the most common risks when a retiree invests capital without professional guidance?
The main risk is misjudging the strategy and the amount invested. If liquidity is needed during a market downturn, this may force the sale of assets at the worst possible time, leading to significant losses.
Another frequent mistake is to view the strategy as fixed. An allocation defined at the outset must evolve with changes in circumstances, needs and objectives. Without professional monitoring, it is easy to miss these essential adjustments, especially when managing significant sums for the first time.
“We help our clients understand that not investing can be just as risky as investing poorly, especially in a context of persistent inflation.”
How does Alpian concretely support its clients in the transition from savings to post-retirement investing?
We begin by helping our clients clarify their objectives and needs, then define the portion of capital that can be safely invested. Often, the first investment is made with a limited amount in order to allow the client to become familiar with the chosen solution and to build confidence.
This gradual approach is essential, especially for those who tend to leave everything in a current or savings account. We help them understand that not investing can be just as risky as investing poorly, particularly in a context of persistent inflation.
Is there a rule regarding how much capital it is reasonable to invest at retirement?
There is no universal answer, as each person has different needs, preferences and objectives. The portion of capital to be invested depends on many factors: overall financial situation, investment horizon, risk tolerance and liquidity needs.
What is certain is that a personalized approach is essential. And above all, one should avoid leaving everything idle in a current account, as this effectively allows capital to slowly depreciate.
Does the current environment — inflation, higher interest rates, volatile markets — change the way people should invest in retirement?
Strategy is based прежде and foremost on each client’s own criteria: objectives, investment horizon and risk tolerance. The current economic environment is of course taken into account by our investment team to adjust portfolio positions, but always within the framework of the strategy defined with the client.
This overall context pushes us to be even more vigilant regarding the opportunity costs of inaction, and to raise awareness among clients about the risks of not investing at all.
What advice would you give to someone who is about to withdraw their pension capital and wishes to invest part of it prudently?
One simple but essential piece of advice: seek professional guidance.
An expert will help you define a strategy suited to your situation, your objectives and your risk tolerance, in order to avoid costly mistakes and secure your financial future.
We work our entire lives to build up capital. It is important to ensure that it is managed with the same level of care that went into building it. At Alpian, that is our mission.
Conclusion
The interview with Mattia Scolaro highlights a key message: at retirement, not investing one’s capital is not necessarily a prudent strategy. In an environment marked by inflation and longer life expectancy, leaving all of one’s capital in a savings account can lead to a gradual loss of purchasing power.
The approach defended by Alpian rests on three pillars: education, personalized guidance and an investment strategy tailored to each profile. A reminder that retirement is not the end of wealth management, but often the beginning of a new decisive phase.
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