How can I manage my pension

[GIFTMICHAEL]

You can invest your pension fund or Money.
You can reinvest your pension money.
You can give it to insurance company to manage for you and be placed under insurance cover.

You can invest in agriculture.
Etc

 

[Rimsha kanwal]

I would tell them to start a small scale business since that will be their only source of income, if they invest it, they might be forced to withdraw it when things are getting hard.

If the pension can be used to start a grocery store or a small kiosk, it will really generate a lot of income if done in a good and busy location.

More than three years since the ‘pension freedoms’ were introduced, retirees now have greater flexibility to invest and spend their pension pots as they wish. This means that people are faced with important decisions in the run-up and during retirement that will affect whether they have enough money to support their lifestyle and objectives when they stop working.

 

[Highflyer]

One of the most flexible types of pension, a SIPP lets you select and manage the investments in your pension pot yourself. ... (Although you will need to pay income tax on money you take out of your SIPP at the other end.) And thanks to investment platforms, you can open a SIPP easily online.
How do I take control of my pension?

1. Step one: Hunt down pensions present and past.
2. Step two: Decipher exactly what's coming.
3. Step three: Check everything - attitude to risk, performance - and switch if necessary.
4. Step four: Monitor your fund.
5. To find a Sipp, research the market online (most are now available on the net) or visit a pension advice specialist.

 

[Ralphjoe]

Pension money is too small to start anything meaningful, it's like a monthly pocket money for retirees, these money are mostly utilized to pay bills and so there are nothing much one can do with such a small amount of money in a month.

 

[Lyrrex]

The best way for you to manage your pension I mean the monthly pension is for you to buy only things that are only necessary with this you can manage your pension till next pension time and besides do not spend money on things that is not valueble just spend things on the things that you know it is absolutely necessary to buy, you will come to find out that you still extra have money until next payment time

 

[Sanusi]

In my opinion the best advice i will give to people collecting pension,is that they should look for ways to invest the money because a time will come that they won't recieve the pension for instance an individual deserves to collect his or her pension in the coming months,all of a sudden they said he won't be collecting the pension for that month, Therefore its highly beneficial if they can invest the money they are being given

 

[Nomad]

How old is a person when he retires? In our country, it is 60 years. How many more years will a person live? In our country average life expectancy is 70 years. I think you got my point. You should avoid long term investment and focus on short term investment.

 

[Taimoor Jutt]

You shouldn't follow those but you should to start some business or invest this money in profitable field by that you will manage to get extra money so this will be plus point. You are getting pension now so it means you have a great experience and did alot of work already. So i suggest you to first prefer peace in your life than money .

 

[chicnthin]

Well, if you have other source of money to buy other your necessities, you can invest your pension money. But in most cases, the pension is being used to take care of the bills, maintenance etc. There's nothing left to invest at all.

 

[Abbas007]

It depends on your household expenses. If the household expenses are being met, then you start your own business and take advantage of your pension from your business. It will not be so useful.

 

[Rainlover207]

You can manage your pension well, when you save up more money to invest on something beneficial and profitable enough. Like starting a business like, livestock farming, supermarket, mobile banking, money rendering with interest etc.

if you set up those business you have just said then how will you be able to manage it because obviously if you have for 2-3 business you may not be able to manage it but even if you do at the end of the day you will look so stressful and weak so how will you manage your business that people you are employiy into different areas of your business was not dube you. ?

 

[Sincerem]

if you set up those business you have just said then how will you be able to manage it because obviously if you have for 2-3 business you may not be able to manage it but even if you do at the end of the day you will look so stressful and weak so how will you manage your business that people you are employiy into different areas of your business was not dube you. ?

That is true, that's some business that shouldn't be done by a retiree. Any business that will make him to walk from one place to another isn't advisable. Cos during his retirement years he needs to have an adequate rest and take care of his body the best he can.

 

[Ebuka Stephen]

You can invest your pensions or save them but saving them can be quite tempting cause you might even use them, but I think investing them is better, you can invest is business or even crypto currencies .most people don't have plans for their future and this isn't wise.

 

[Life drama]

If you wants to enjoy the benefits of your pensions,you must start right from active year of working that is you must have been planning and investing ahead of your retirement.have a desired buisness plan for the time being so as to avoid unnecessary spendings of your pensions.

 

[eenya00]

You could manage your pension funds by judiciously spending it, avoid frivolities and impulsive spending, majorly on things that are not necessary or not needed at that point in time.
But pension funds are supportive funds, during your active service you should have found a source of income to fall back to after your retirement.

 

[Ojonuyo]

To make proper use of your pension you need to invest the money in something useful and has a guaranteed returns. Do not take the risk of investing in crypto currency as the risk involved is high. I advise you invest in agricultural activities this has low risk and high returns.

 

[singlej007]

Pension from the government like the retire army and all other government pension is for life till the person's die, and so most of them thought of that and refuse to save or go into another business that will fetch them money. I only see pensioners from the private sector making huge plans for their features after retirement.

Post automatically merged: Jan 19, 2021

Pension from the government like the retire army and all other government pension is for life till the person's die, and so most of them thought of that and refuse to save or go into another business that will fetch them money. I only see pensioners from the private sector making huge plans for their features after retirement.

 

[Tiwa]

Since you are on pension ,it means you have more free hours on your time.You can support your pension by doing more of similar gpt like this one .If you dedicate your time I think you can be getting an additional money of up to $100 a month to add to your pension.
and importantly you adjust your spendings to only what you need and not what you want most of the time

 

[Oliver 20]

For some, people, dealing with their own pension is probably not going to be as proficient as utilizing a very capable Financial Adviser. To oversee and run an effective portfolio ideally, there are many focuses to decide.
What is the venture objective - pay, development, a blend or capital conservation?

 

[Kinglegend01]

I think the best way of managing your pension is by investing it into some that would be more rewarding.You can manage your pension by setting up a good business with it to make more money. But if business is not your plan then consider taking a small percentage off your pension every month. With proper, you manage it well.