The best way to use pension?

[Hania iman]

There are many ways to use pension like we can do buisness. We can also do trading or investment. Plz tell me your opinion that how we can use our pension in proper way.

 

[Bard Racheal]

Many people's choice of spending their pension varies.

Some people thinks straight to build a house with it.

Some think of erecting an investment with it.

Put these options together, it's all proper.

If you are a worker who is about to retire,you won't love to continue leaving as a tenant, paying rents, facing the landlord-landlady saga; you will love to own your house,so that you won't be kicked off from the apartment any time you have no money on you,or you haven't been paid.

As a worker,or when you're still working,try to have this foresight; you can try to start building a house. Just buy a land,start laying the foundation,raise It to a certain level, pending on when you get retired,you can complete it with your gratuity.

Or,if you are able to complete it when you're still working and young, it's the best decision for you!

Also,try to establish an investment,so that you can rely on it when you're getting weak to work.

One of the thing that makes people stranded and confused at the end,is because they were aimless at their vision,they where not having this foresight.

You can try meeting a business counselor who can put you through on the kind of wise investment you should put on ground,if you are clueless.

 

[Jasz]

The purpose of pension is to provide financial support during retirement, and it's important to achieve this purpose. How a person chooses to use their pension can mean the difference between a comfortable retirement and one spent in poverty. A safe, secure retirement is an important goal for everyone and staying informed on the many ways to use pension is critical.


The best way to use pension is to work out which of your options provide the greatest financial and tax benefits. Once you've decided this, you can then consider which will produce the savings required. There are a number of things to keep in mind such as what alternative investments might be available (unit trusts etc), whether your annual pension fund contributions could be invested elsewhere or used as a deposit on a property, and if there is anything else, such as income from private sources and investments, that could be used to assist funding the purchase of a property.


I would also say another best way to use pension is to withdraw 20% as a start up capital, then use this 20% for any income generating activities (start up your own business etc). After that, withdraw another 20% and invest in other businesses (or buy a share of listed companies), the remaining 60% you can withdraw when you reach 65 years old. Withdrawal rate should not be more than 10%-15% per year.

 

[PICKFORD]

After retirement some companies choose to pay their workers some sort of money at the end of few months or a particular year this is known as pensions. Pension is actually good because it will help a retired person to plan for life after retirement. Some people might choose to use their pension for enjoyment there by going vacations , eating palatible meals , cook complicated food and dishes etc whatever the case may be pensions are given to retirement individuals to plan their life after retirement age.

To me I think the best way to use retirement money is by investing it into something that will be productive in the future maybe not for your own future but for that of your families and family members. whether it is an online or physical business pension money can be used financially for investments, no other pension earners might choose to use their pension money to open a grocery store , on a children toy shop , on a supermarket , run a textile clothing service etc . In this way they can keep themselves busy still in the act of buying and selling to be precise trade or business activities

 

[btaliat]

There is need to have a plan on how the pension will be spent before we even have access to it. This will prevent us from wasting away the pension on some investments we never know how they work.

Pension can be used for investment, however, I will strongly recommend offline investments for pensioners. Though, there are some pensioners that are conversant with how most online investments work, to be on a safer side, it is better to have offline investments.

Pensioners can consider going into agriculture, it doesn't require much skill but information on which type of crops to plant and the likes. There may be need to hire some labourers if there is no strength to carry the activities out.

Real estate management can still be considered for a pensioner. You only need to buy land and watch it appreciate before selling off. Though the location does detemine the profit but there will be surely some profit.

 

[Alexandoy]

The monthly pension is meant to be the subsistence allowance of the pensioner. It is not for the rental or for the education of the children or grandchildren. The concept of the pension is to give the pensioner comfort and convenience with the finances. The pensioner can enjoy life better if he has a pension so he can go to the cinema or maybe play golf or other sports. In other words, the money can be used for the activities that will be enjoyed by the pensioner. I agree that the pension is not enough so that issue is always being talked about when the topic is pension. For me, having a pension is enough and we should not be too touchy with the amount. My pension is only $100 per month but I have my own money in the bank so I really do not use the pension at all.

 

[eldavis]

I always advice people not to rely on pension alone after retirement, always make sure you have plans for yourself and if possible savings besides your pension or other investments that would give you residual income from time to time. Pensions are mostly a means of support and in most cases might not even be enough to support the family, or even carry out your basic needs to the fullest.