pension salary can be enough to build a house for a retiree depending on your house taste;how sophisticated you want it to be and what level you retired from also determine
Can pension salary be enough to build a house for a retiree??
- Thread starter Sincerem
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Yeah, we can absolutely arranged with our salaries that if we invest our salaries a little bit and in that investment get good profit we can build good apartment for live that can be the good to live there.
It all depends on the the salary he or she was receiving before retirement, another factor to consider is how many years he or she worked before retirement and finally his residence I mean the country he or she lives as it is very clear that all countries has different retirement benefits.
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- #104
Interesting, if we save for a very long time before bowing out of service. We can make the money to establish our own building, well furnish and comfortable one. Everything depends on our target and continuous drive to succeed on it.
There's no way a pension salary will be enough to build a house.
Although it depend on the type of house you want to build, if you're thinking of erecting a mansion or a bungalow, you'll have to perish that idea, because the materials you'll buy is way above what you received, but take a look at it from a mini house of let's say 1 bed room, you can achieve that.
Although it depend on the type of house you want to build, if you're thinking of erecting a mansion or a bungalow, you'll have to perish that idea, because the materials you'll buy is way above what you received, but take a look at it from a mini house of let's say 1 bed room, you can achieve that.
In Pakistan, it is impossible to build a house with the same pension as a retired person.If he wants to make more money, he has to start a business. If a person works hard and works diligently, nothing is impossible, so business can be made by earning money.
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Well it depends on the amount you are receiving for your pension, and moreover the years you have spent with an organization will determine the pension you will receive at the end of the day, so for some they receive huge amount that can even build an empire at some point while some what they receive can't be enough to build a house.
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- #108
I agree with you, if some works diligently with expectations and target for working, trying to save up more to fulfil the expectation. Saving is one of the key to actualize such dream, saving up and investing proper on a lucrative business will yield out the profit to make his or her target come to live.
It is very difficult for a retired man to build his 3-bedroom house After retirement, the amount of money received from the pension is not too much to run the home system as well as build the house. The amount of pension is insufficient for this...
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Pension money can go a long way to make a pensioner to acquire lond and raise a nice building.
There are pensioners who are suffering and that can not even buy land talk more of building a house.
There are pensioners who are suffering and that can not even buy land talk more of building a house.
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- #111
Yeah, pension salaries is very much insufficient to build a well furnished three bedroom flat here in my country too. Unless the pensioner starts to save earlier when he or she began his career and save till retirements, then it will be achievable.
In developed countries which has a working system, pensioneers are paid handsomely so they can afford to build a house from their pension but in developing and undeveloped countries it is not so because pensioneers are paid little or nothing
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In some cases, it could be enough or not enough to build a house as a retiree. This depends on your grade, salary, pension structure,etc. Low income earner might have difficulty in building their house with pension
I think it depends upon your scale of retirement that what was your status or scale after which you got retired. But as you mentioned about low pensions, one should start business or something else to make more money after retirement. Then use that pension to build house and to meet house expenses, use income coming from extra business or Job.
I would not want to think that using your pension to build a house is wise, it is not wise at all. Pension should help you take care smaller responsibilities not major ones like housing. It might cripple you.
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- #116
Lol, that's true, it will cripple the pensioner that tries to build a house from it. But I've seen a scenario where a man after bowing out of retirement he couldn't use his salaries to build himself a house. I use the little pension he had to build a bed room flat well furnished.
A 2020 survey from Schwab Retirement Plan Services found the average 401(k) participant thinks they'll need $1.9 million to retire, a 12% increase from the previous year's survey.1 Of course, many people in the U.S. aren't investing enough to reach that savings goal—and the income it brings.
To find out if your retirement income will be enough, you have to start by estimating your retirement expenses.
To find out if your retirement income will be enough, you have to start by estimating your retirement expenses.
KEY TAKEAWAYS
- To know if you'll have enough income in retirement, start by estimating what your expenses should be in retirement.
- In addition to your Social Security benefits and traditional pension (if you have one), the four percent rule says you can probably spend about 4% of your savings each year.
- If your retirement income won't be enough to cover your expenses, find a way to increase your income, reduce your expenses—or both.
Retirement Expenses
There are various formulas to estimate retirement expenses, all of which are rough guesses at best. One well-known rule is that you'll need about 80% of the amount you spend going into retirement.
Well it depends on what kind of house you want to build, and it still depends on your country, but it mostly depends on where you worked and how much they paid you before retirement, because if your salary is high then your pension money will also be high.
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Well, it depends on the amount the retiree is been paid monthly before one could say whether it could be enough to build house or not. In my opinion, gratuity would have been the best money to build a retiree house instead of monthly pension.
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- #120
That is true, gratuity can help the retiree to build a house instead of the pension. The retiree need to undergo lots of savings for years to get going with building an apartment of his or her own.
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