In our world today, the majority of us have to work in order to survive and with time, we accumulate experience. As we grow older, it becomes apparent that there will come a time when we will have to retire. For us to be able to retire, we have to prepare a method of earning substantial income.
Various strategies exist for this purpose. Some save their whole life so that they can live off their savings when they are no longer working. Some people sort out a plan that acts like a salary by bringing in income when they have retired. Such plans are for things called pensions?.
What are the different kinds of pensions plans available?
The first is called a Designed Benefit Pension Plan. A fixed sum of money is paid periodically after retirement that is arrived at by using formula that helps determine your aggregate pension benefits.
The formula used are the flat benefit formula, the best earning average and the career average earning formula.
Another pension scheme type is the? Defined contribution pension plan? that pays a standard amount from the person's salary into an investment account periodically. The sum of the amount in the account differs according to third party sources that add to it and the interest you receive on that amount.
These are the only two registered plans available. Other pension schemes do exist but these vary with your business? performance and affect your pension benefits that way.
Various strategies exist for this purpose. Some save their whole life so that they can live off their savings when they are no longer working. Some people sort out a plan that acts like a salary by bringing in income when they have retired. Such plans are for things called pensions?.
What are the different kinds of pensions plans available?
The first is called a Designed Benefit Pension Plan. A fixed sum of money is paid periodically after retirement that is arrived at by using formula that helps determine your aggregate pension benefits.
The formula used are the flat benefit formula, the best earning average and the career average earning formula.
Another pension scheme type is the? Defined contribution pension plan? that pays a standard amount from the person's salary into an investment account periodically. The sum of the amount in the account differs according to third party sources that add to it and the interest you receive on that amount.
These are the only two registered plans available. Other pension schemes do exist but these vary with your business? performance and affect your pension benefits that way.
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