How to spend your pension wisely.

[Blue house]

What is pension; we all know that pension is the money paid to a retired worker either in a governments work or as a company worker.
How should we spend our pension money, is it for us to build house, buy car, go for vacation, or is it for starting business to make another source of income.
How are we to spend our pension money rightly ?

 

[Taimoor Jutt]

There two types of money are given by government sectors. One is gratuity and other is monthly based pension, i think you are talki about gratuity. Yes you can use that money as you want. If you have not any car then buy a car, if you want to build house then go for it. But going on vacations is not a good decision.

 

[Abbas007]

Pensions are very useful in government sectors.
Consider what you have, what you need, and what you are doing. It could be selling a big house and moving into a senior retirement community, selling an extra car or selling your designer clothes and handbags. Save your earnings.

 

[redpogi16]

If you want to spend your pension wisely you can do these things. minimize your fixed expenses, maximize your social security benefits, consider some guaranteed income, have a retirement spending plan, and lastly is don't ignore tax planning.

 

[Hasan Raza]

Dear you are talking about the gratuity fund which is given by the government in lum sum at the time of retirement. Definitely it is a big amount and scale wise different. A wise decision about to use of pension is to invest in a business or to invest in any stock market.

 

[Blessedsam60]

Pension is what you get after your retirement right? This is what I will advise you, before you retire it's better you have a retirement plan on how you are going to manage and spend your earning so you won't end up regretting your later days.

 

[Dubai]

The best way to spend your pension wisely is to plan on how to spend it before it arrives. Personally, I believe investing about 30% of your pension is necessary in order to make more money. You can spend 50% on family and immediate needs. They save the remaining 20% as it will be wise to do so.

 

[Ryeetar]

They are two type of money giving to a pensioner by government, one is gratuity the other is pension. Gratuity is the one you have been saving right from the day you became a government worker as savings for your future, while pension is the monthly allowance been giving to you by government to help sustain you, there was once a time they wanted to reduce the number of years of been paid pension but it didn't work.

 

[Donkiz]

Pension is the monthly payment that government pays to retired civil service workers. The amount a pensioner is paid on monthly basis is about 30-40% of his/her last salary grade before retirement. Therefore pension is just for the upkeep of the pensioner, because the money can only be enough to start a petty business.

So monthly pension cannot be used to build a house or start any reasonable business, but a gratuity can, depending on your grade before retirement.

 

[Bilal0087]

What is pension; we all know that pension is the money paid to a retired worker either in a governments work or as a company worker.
How should we spend our pension money, is it for us to build house, buy car, go for vacation, or is it for starting business to make another source of income.
How are we to spend our pension money rightly ?

It depend upon a person's prioritise and preferences, if a person do not have any type of requirements and demands and he can save his pension money he can use it wisely to start a small scale business to get benefits in the future.
He can do efforts to build a business scale business so that his next generation can get benefit from it.

 

[Aotosyno]

How best to spend your pension wisely is to start a business you know will be yielding turn over.A business like transport business, raw food business, etc and also don't forget to givr your 10percent (tithe) to any church that is spirit filled ,motherless babies homes etc So that the Blesing of the Lord will rest on it.You have to start something with your pension money not buying a car,house, clothe with it.Start a business

 

[Eodine]

You can choose to spend your pension anyhow you choose on luxury and beautiful things of life then when the money is exhausted you would see the need to spend wisely and create a passive income if you do not have one.

 

[Igbokwe chidera]

The best advise i can give on how to spend ones pension is in so many simple ways which includes starting a petty trade like a store that deals in all kinds of groceries and is certain to get income in everyday trade.

 

[WhiteHouse]

The right way and the best way is to invest your pension in profitable yet low risks Investments so that you can be able to sustain your money longer, keep your money flowing and increasing your wealth, you can invest in low risk Investments like real estate and Agriculture

 

[Adebayonle7]

Pensions are hard earned money and to some, it is a lifetime opportunity to get it paid to them because in my countries with paralyzed system, nothing seems to work the right way including pensions. This thought and knowledge alone should drive any retiree to invest their pensions in things that are worth it and that can enough money in addition. They should not think to use it to please their immediate wants because mismanagement of this will be very terrible.

 

[Achawaskey]

That depends on your want, and the amount you are been paid, some pensioners does not received much as pension despite the number of years spend. So if the amount is much you use part of to build house and use the remaining one to set up a business.

 

[Josephjossy]

You have to invest it In a business, pension is just a small amount of money so you can't invest it in a big business but you can save it until it gets big. You need to have another thing doing to be earning money

 

[Ausaf Ali]

Pention is the most common form in your home or a good one time for the spending time and money transfer to the day to the next level and your retirement savings account will be received money from the bank and the bank of the bank and other room for your business and the bank and other financial services companies he has been working 3rd century to help you with your business.

 

[shakky2]

spending pension wisely is one of the key to a healthy lifestyle and this can be achieved by being resourceful and entreprising as it makes you achieve more and develop yourself so that all will be balanced even when you are out of service

 

[idhans]

What is pension; we all know that pension is the money paid to a retired worker either in a governments work or as a company worker.
How should we spend our pension money, is it for us to build house, buy car, go for vacation, or is it for starting business to make another source of income.
How are we to spend our pension money rightly ?

You just have to be very prudent when spending your pension funds especially if you don't have any job doing after retirement. You can invest part of your pensions in stocks, and so many other profitable investments in other to yield more profit.