by Riley
When thinking about retirement you have to decide if u are
going to save for your retirement or get a pension. A pension plan is a sum of
money added up during your employment period, these payments are drawn to help
with life after work. A pension is either a “defined benefit plan” or a
“defined contribution plan”, a defined benefit plan is a fixed sum is paid
regularly to a person, a defined contribution plan is a fixed sum of money
invested then becomes available at retirement age. Pensions should not be
confused with severance pay. Saving for retirement could just be saving with a
bank with a certain fixed number or investment rate of whatever you decide.
