We are pleased to send you the currentFinancial OutlookfromAugust 18, 2026and wish you much enjoyment in reading.
Today's Topics
Taxes and Financial Planning
Retirement - A good feeling to be optimally secured
The two most effective levers for your retirement
Capital Markets
Review July 2026
Solid markets despite increasing fluctuations
Outlook August 2026
Stay selective - Utilize opportunities strategically
Retirement - A good feeling to be optimally secured
Retirement planning in Switzerland is facing a profound change. Demographic change, low returns, and the upcoming individual taxation starting in 2032 are the major challenges. It is all the more important to set the course now for a financially secure future.
The Challenges: Why the 1st and 2nd Pillars Are No Longer Enough
Low Interest Rate: The average interest rate on retirement savings in the pension fund has been around two percent over the past few decades. The difference compared to earlier times results in approximately 30 percent less capital at retirement over a period of 30 years.
Demographics: The increasing life expectancy and the retirement of the baby boomer generation are putting additional strain on the system. Reforms such as the planned AHV2030 aim to stabilize financing.
The two most effective levers for your retirement
1.Contribution to the pension fund (2nd pillar)
This is how it works: You close contribution gaps that have arisen, for example, due to part-time work, breaks in employment, or salary increases. The maximum possible amount (your purchasing potential) can be found on your pension statement.
Tax advantage: You can fully deduct the contributions from your taxable income. With a contribution of CHF 10,000 and a tax rate of 20%, you save CHF 2,000 immediately.
Important: After a purchase, there is a statutory blocking period of three years for capital withdrawal. Staggering purchases over several years is advisable to optimally utilize tax progression.
2nd Pillar 3a – The private, tied pension provision
The pillar 3a is the ideal building block to flexibly and tax-optimally build additional capital.
Tax advantages: Contributions reduce your taxable income. The accumulated savings are not subject to wealth tax, and the earnings are tax-free. Upon withdrawal, the amount is also subject to a
Flexibility: The credit is tied up but can be accessed early, for example, for home ownership or starting a self-employed activity.
New from 2026: Retroactive contributions for the year 2025 are possible. This allows you to close past contribution gaps retroactively.
"Take advantage of the opportunities for private retirement planning early and tailor pension fund contributions and pillar 3a specifically to your personal situation. This way, you can benefit from tax advantages while also building additional reserves for retirement."
Review July 2026
Solid markets despite increasing fluctuations
July was overall constructive in the international stock markets, but with increasing fluctuations. Robust corporate earnings supported the markets, while high valuations, rising bond yields, and doubts about the profitability of high AI investments occasionally led to profit-taking. In the USA, the S&P 500 and Dow Jones continued to operate at high levels.
In Europe, the Euro Stoxx 50 and DAX also developed positively. The SMI remained comparatively stable, while the Nikkei was supported by a weak yen, strong export values, and positive corporate earnings. Overall, the market environment remained constructive despite geopolitical risks.
Economically, a mixed picture emerged. While the US economy continued to lose momentum and China struggled with structural challenges, more positive signals came from parts of Europe and Japan. At the same time, inflationary pressure remained high, making the question of the future interest rate path of central banks a defining topic.
Outlook August 2026
Stay selective – use opportunities strategically
For August, we remain cautiously optimistic. While the US economy is losing momentum, more stable leading indicators argue against an imminent strong downturn. At the same time, the US stock market remains highly valued and strongly influenced by a few large technology companies.
In Europe, the first signs of an economic recovery are emerging. Switzerland also appears interesting due to its defensive market structure and comparatively attractive valuations. In Japan, the development of the yen and monetary policy remain important influencing factors.
Inflation and interest rates remain crucial. The continued high price pressure limits the central banks' room for significant interest rate cuts. At the same time, corporate profits and the further development of AI investments are likely to provide important impulses for the stock markets.
"We remain invested, but continue to focus on quality and diversification. High valuations and ongoing inflation risks argue against euphoria, while a more stable economy offers opportunities for selective equity engagements."
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