raaman
Valued Contributor
Do you know how retirement Plans work?
Financial experts estimate that half of people save nothing for retirement. Why? There may be a lot of reasons, but one big thing is that according to the findings of the study, people do not know how retirement plans work. Another reason is that people cannot afford for pension savings.
Some of the reasons I read and hear are often repetitive ones. There are some simple facts about retirement savings. We often hear many things about pension savings, which are simply myths.
Pension savings plans are not scams. The pension plan is an investment account, with some additional rules attached to it, most of which will benefit the person saving for the pension. That's all.
An investment account is like a bank account, instead of having an account with your local bank, you have it with an investment company. Just like a bank account, you deposit money. Like a bank account, you can withdraw money from it.
The only difference is that rather than having your money in a bank, an investment house will use it to buy investments of your choice like stocks, bonds and more. This is not a scam. This is not the thing to be afraid of.
Financial experts estimate that half of people save nothing for retirement. Why? There may be a lot of reasons, but one big thing is that according to the findings of the study, people do not know how retirement plans work. Another reason is that people cannot afford for pension savings.
Some of the reasons I read and hear are often repetitive ones. There are some simple facts about retirement savings. We often hear many things about pension savings, which are simply myths.
Pension savings plans are not scams. The pension plan is an investment account, with some additional rules attached to it, most of which will benefit the person saving for the pension. That's all.
An investment account is like a bank account, instead of having an account with your local bank, you have it with an investment company. Just like a bank account, you deposit money. Like a bank account, you can withdraw money from it.
The only difference is that rather than having your money in a bank, an investment house will use it to buy investments of your choice like stocks, bonds and more. This is not a scam. This is not the thing to be afraid of.
