Three things you didn’t know about retirement accounts

[King bell]

When it comes to retirement accounts, there are a lot of things that people don’t know. Here are three things that you may not know about retirement accounts.

1. There are different types of retirement accounts.

There are traditional retirement accounts, such as 401(k)s and IRAs, and there are Roth retirement accounts. Traditional retirement accounts are funded with pre-tax money, while Roth retirement accounts are funded with after-tax money.

2. Retirement account balances can fluctuate.

The balance in your retirement account can go up and down, depending on the performance of the investments in your account.

3. You may be able to take money out of your retirement account before retirement.

There are some circumstances where you may be able to take money out of your retirement account before retirement. For example, if you have a 401(k), you may be able to take a loan from your account.

 

[Shigobad2020]

Using my own father retirement account as an example , its really different from what you are saying entirely , maybe it's because he's a federal government worker or because he's a Nigerian and you are talking about a retirement account of another country entirely .

You don't need to take a loan from your retirement account because the money there is practically yours after retirement , the government gives retired civil servant a huge amount of money which we called gratuity immediately after retirement , the money is meant for them to start any business of their choice or to sustain them .

And after that the government will start paying them what we called pension at the end of every month , its not up to their normal salary which they normally takes before they retires , they will keep getting the pension every month until they actually die.

So I will want you to explain more to me about your own retirement scheme.