Receiving your pension once as a whole sum or paid monthly which is better?

Tinaconcept

Active member
As a retiree from a government or private service an amount is always set aside to be paid to the retiree at the end of his or service this payment is called pension.
Formerly I used to think the decision to be paid the total pension once or paid partly monthly depends on the organization to make but I was wrong because research has shown me that the decision varies from sector to sector, some organization makes the decision for its staff while some organization provides option to be chosen by the retiree.
My mother who has retired has asked me to help her decide which is the best decision since she was lucky to have the options choose, is it receiving the total pension once or receiving a monthly Payment is better. I gave my opinion that once payment is better since it can be used for investment.
If you were asked the best what will be your answer and why?
 

IamDozzy

Well-known member
I would prefer to be paid monthly as against being paid a lump sum. This is to guard against spending on frivolities and those who might want to scam a retiree of his/her hard earned money. Not that being paid a lump sum is a bad thing but those that cannot plan and set their priorities right woul have a hard time strategizing on how to use the money. This would leave them at the mercy of relatives once the money finishes.
 

Daykas

Well-known member
As a retiree from a government or private service an amount is always set aside to be paid to the retiree at the end of his or service this payment is called pension.
Formerly I used to think the decision to be paid the total pension once or paid partly monthly depends on the organization to make but I was wrong because research has shown me that the decision varies from sector to sector, some organization makes the decision for its staff while some organization provides option to be chosen by the retiree.
My mother who has retired has asked me to help her decide which is the best decision since she was lucky to have the options choose, is it receiving the total pension once or receiving a monthly Payment is better. I gave my opinion that once payment is better since it can be used for investment.
If you were asked the best what will be your answer and why?
As for me I would go with the once mode of payment but that will be if I have a business which is thriving well,all to do is to pump the money into the business and also invest some of it to future lasting investment.
And I will go for the monthly mode of payment if monthly pension is kind of huge a little bit
 

Abee111

Member
To receive your pension once as whole sum or paid monthly, both have advantages and disadvantage,because if some one with a plans of doing a large scale business get that opportunity, he will not west the whole sum in doing things that will not benefit him or bring way of income to him, but to set up his own business and be managing it.
And the bad side of it is that when distraction come, example.... Like this pandemic period that distort things will bring short or damage of things in your business.but when you are receiving your pension monthly and managing your business, u will have advantage in both side..
 

Victor001

Well-known member
There is power of money when it comes bulky and there is management of money when it comes as stipends. But receiving the money bin bulk is better as its afford you the necessary means to effect your business plans or ideas. But when the money comes monthly it limits your plans or savings to that amount which I believe is barely enough.
 

Timison

Active member
To get your annuity once as entire total or paid month to month, both have favorable circumstances and disadvantage,because if somebody with a plans of doing a huge scope business get that chance, he won't west the entire aggregate in doing things that won't profit him or carry method of pay to him, yet to set up his own business and be overseeing it.

Furthermore, its awful side is that when interruption come, example.... Like this pandemic period that misshape things will get short or harm of things your business.but when you are accepting your annuity month to month and dealing with your business, u will have advantage in both side..
 

Briangsam

Active member
And again, I would say it depends on the individuals. Some people will prefer to have their pension monthly so that they can be feeding and living a decent life from it. While others have other means of income and would prefer to be paid their pension in bulk and maybe start a business with it.
 

Makah

Well-known member
For me I think it's better to get your whole money than to he getting paid per month. My dad is a pensioner and he is getting his pension per month which I say it's not that good
Because the money is never enough. So for me I will go for getting the whole pay in Bulk
Give me all I have worked hard for once and for all
 

Maphalle

Active member
I find it better to receive it once as a lump sum than in bit n pieces. In that way you'll be able to invest it in different Businesses because when you get it but by bit you might end up not knowing what you did with money and it will deprive you from doing what you want to do. It will still be luke salary.
 

Teatea

Well-known member
Well, I think it depends on the plans I have for the money or for life after retirement. Some people may decide to go into business or investments, this would require more money so I may consider getting all the pension at once to achieve such goal. Likewise, some people may decide to just rest and enjoy life afterwards, so in a case like this monthly payment is preferable.
 

Chibson

Well-known member
Go to receiving monthly and receiving all at once have their merits and demerits. I will advice your mother to receive all at once if only she has a business plan and also willing to go into a business or investment. But if he doesn't she should go for the option of receiving it or monthly basis.
if you receive this monthly in the sense that she doesn't have a business plan of course she will be able to manage and solve her financial needs.
 

Ozigba Richard Lamai

Well-known member
Depend on the individual and his or her own perspective, some individual preferred to collect their money at once why some will like it being paid monthly, however the main purpose of pension is to be pay monthly so that you can be able to take care of your family when you are no longer working it is important that all workers register for pension funds in order for them to have something all benefits after retiring from work.
 

Adetayo100

Well-known member
It depends on the particular person perspective some people likes to receive there pension at once so they can start a business from it and establish themselves while some other people prefer to receive it monthly, it will serve as some form of monthly income to them. Personally i prefer the once payment so the money will be worthwhile and you can do something tangible with it.
 

Segat

Well-known member
I think your pension is your pension how you collect it is not really the problem, the problem is what do you have in plan to do with it. But I will like to highlight certain things:
Collecting it monthly will still take someone back to slavery of salary where by some else (the pension scheme management board) will still be determining your life and using your money for personal gains.
 

Segat

Well-known member
I think your pension is your pension how you collect it is not really the problem, the problem is what do you have in plan to do with it. But I will like to highlight certain things:
Collecting it monthly will still take someone back to slavery of salary where by some else (the pension scheme management board) will still be determining your life and using your money for personal gains.
In addition collecting it in a whole sum will give you the opportunity to invest it into your personal business that maybe new or existing or even invest it in someone else existing business which will lead you to wealth that the monthly collection can never lead you into. This will also make you to be in total control of your life even after retirement.
 

Snazzy001

Active member
I feel my pension should be paid as a wholesome and not monthly for the following reasons .
you see with the nature of economy in the country ,government is even finding it hard to pay pension monthly.
secondly it will be very wise to collect it and know the kind of business to start
 

Dorcey

Member
Been paid monthly is good but for those that had plans for their pension will like to have it or receive a whole sum so as to start investing on their project as planned or anyother stuff that they have planned using it on,but to me I will prefer getting paid at once receiving a whole sum and will be very vigilant and be careful of scam
 

OlaAdams

Active member
As a retiree from a government or private service an amount is always set aside to be paid to the retiree at the end of his or service this payment is called pension.
Formerly I used to think the decision to be paid the total pension once or paid partly monthly depends on the organization to make but I was wrong because research has shown me that the decision varies from sector to sector, some organization makes the decision for its staff while some organization provides option to be chosen by the retiree.
My mother who has retired has asked me to help her decide which is the best decision since she was lucky to have the options choose, is it receiving the total pension once or receiving a monthly Payment is better. I gave my opinion that once payment is better since it can be used for investment.
If you were asked the best what will be your answer and why?
Well stated!
As far as am concern it's all depends on how you look at it.

But personally if collecting the money little my little and investing it, is the better.
 

Samuel72

Well-known member
according to my own point of view as a well experienced businessman I believe receiving the pension ones or not help the you. and also it will be somehow as cheating. This is because mention it's 50% of your salary which you are receiving from the company every month, and if you're about to be paid attention once how will they calculate your pension. because pension and ment to be paid till death. It is better to collect your pension every month and I prefer to collect my pension every month
 

Simplyniyi

New member
It is better to be paid wholesome so he or she can plan what to do with it. A small business can be set up, like opening a shop where he or she can go to everyday. Most of our retiree's often die not long after retirement because they are just sitting down doing nothing. Engaging in one thing or the other helps to keep them active, healthy and prolong their days on earth.
 
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