Cenários de investimentos financeiros em ativos de renda fixa e variável como alternativas à forma tradicional de aposentadoria

Abstract

This work aims to simulate proposals for scenarios of financial investments in fixed income and variable assets as viable alternatives, from the perspectives of income, investor profiles, and investment portfolio allocation, which serve as alternatives to the traditional form of state retirement, i.e., the INSS. The proposition of these scenarios was supported by a consistent theoretical framework focused on the literature of financial investments, thus configuring a qualitative research formed by bibliographic reviews on applications in fixed income and variable financial investments, economic conjunctures of the Selic interest rate, IPCA and CDI (interbank interest rate), main profitability indexes of investments, consultations to the annual activity reports of theCentral Bank of Brazil, the Securities and ExchangeCommission (CVM), and the Stock Exchange (B3). The problem-question delimited in this work focuses on investigating whether the proposition of these financial investment scenarios based on the composition of portfolios containing fixed income and variable assets is viable, from the perspective of being an alternative to the traditional form of Social Security retirement (INSS). For this purpose, the proposed scenariostook into account the profiles of investors, conservative and aggressive, the last salary range of the INSS base contribution ceiling, ranging from R$4,000.04 to R$7,786.02, which incurs a 14% monthly contribution rate from the beneficiary, and the contribution time for this benefit, which is 30 years for women and 35 years for men. Four scenarios were delineated, considering differentinvestor profiles and income levels, using a combination of financial products such as Certificates of Deposit (CDB), Real Estate Credit Letters (LCI), stocks, and Treasury Direct. The results showed that, even for investors with salaries close to the minimum wage, it is possible to build a substantial retirement reserve over time, significantly exceeding the returns provided by the traditional Social Security system, demonstrating the feasibility and effectiveness of capital market products as an alternative individual retirement strategy. This approach offers the possibility of a more comfortable and independent retirement, provided it is accompanied by an appropriate and consistent investment strategy over time and knowledge of the risks that each asset provides to the total portfolio returns over the time horizon of 30 to 35 years of financial investment.