What is the Best Retirement Plan?

[Mika]

In my home country, people positioned in government jobs are entitled to provident funds as well as retirement funds. While they can use their provident funds whenever they can, they will receive retirement funds only after 20 years of working. They will receive retirement funds until they live and will pass them on to their spouse for the rest of his/her life.

However, for people working in private companies, there is no retirement fund. By the time you leave your job all you will have is your provident funds (if you have not spent) and your own personal saving.

People who have jobs have some sort of financial security in terms of provident funds, but for people who work independently, there is no financial security. In such a case how can you plan retirement?

I think the best retirement plan for these people can be buying a 20 years insurance policy before they reach 40 years of age.

 

[Samuel Michael]

Having A Pension Is The First Thing Most People Think Of They Think Of Retirement Income. Numerous People Have Earned A Pension At Some Point During Their Working Careers. It Requires Very Little Involvement Because The Employer Contributes The Money On Behalf Of The Employee. You Work, And When You Retire, You Collect Your Pension. Nowadays Pensions Are Less Popular And Less Generous. They Are, However, Still Quite Common For Government Jobs. The Most Prominent Downside Is That There Are No Cost-Of-Living Adjustments So Your Pension Payment Will Always Be The Same Year After Year During Your Retirement.

 

[Mataracy]

In my own country it was planned that at the end of every civil servant retirement they will be collecting pension and their gratuity. But it is very sad this days that they couldn't received that pension very well talk less of gratuity. It is very advisable that one should have their personal business before retirement age so that one will have something good to fallback on.

 

[Augusta]

I don't think there's any excuse that will be tenable if one doesn't plan for it retirement no matter the retirement plan in the place of work it will be better to have your own retirement plan maybe like the insurance purchase you just talked about it will be helpful. Retirement needs good planning

 

[btaliat]

Investment is the best plan for retirement. There are many things one can invest one while still active at work. The most common and lucrative among them should be real estate management where a worker would have bought some land or building. Before the retirement age, there is no way that the property would have generated a lot of returns.

 

[Alexandoy]

Big corporations here have a retirement pay which is substantial and based on the number of years of service. An actual example is my wife's retirement 2 years from now. She would be receiving 2 months of her salary for every year of service. She has 30 years so her retirement pay is equivalent to 60 months of her salary. We can buy a property with that money.

 

[Jasmine]

Investing in real estate, shares, crypto currencies, and having a bank balance is the best retirement plan. In other words, you should have a house, have size-able money in a bank account, have shares in a couple of companies and crypto assets. If you have ll of these, you can live comfortably in old age.