Retirement can mean different things to different people. To some people, it means the culmination of a life time of hard work…a time to relax and enjoy the fruits of their labour…a time to do all the things they never had time for before.
And to some other people, retirement means living in want…scrimping and economizing to make ends meet…of never having enough. So what sets these two groups apart? And what do they have in common?
Most people plan for their old age as much as they can, within their means. Many are able to invest sensibly, to reap the rewards after they retire. Then again, there are many people who have just too many family commitments, or don’t earn enough, to save for their old age.
Many are wise enough to buy their own homes and finish paying their mortgages before they reach retirement age, secure in the knowledge that they will always have a roof over their heads as long as they are alive. While there are others who just never have the wherewithal to qualify for a housing loan and live in constant fear of being homeless in their old age.
At the end of the day, everyone needs a steady source of income to fall back on after retirement. And pension funds can meet this need if planned for, carefully. Let us tell you all about the benefits of pension funds so you can plan for your future.
Pension fund schemes come in various shapes and sizes. You can decide on the best ones to adopt based on your capabilities, the tenure of the fund and the returns you want on your investment. You will also find some pension fund schemes that are more suitable for you if you are a full time employee rather than a business owner.
You need to check out all the options available. Check out schemes that are state pensions as opposed to personal pensions. Calculate the number of years you have left to reach retirement age. If you are in a job, find out what your employer’s contribution can be to a workplace pension.
Weigh all the pros and cons before you take a final decision on the pension fund you would like to invest in. And let us provide you with information to help you decide.