How to use pension?

[jeff87]

Pension is the meney paid to employees after retirement. Some people use this for their daily needs. Others use it to invest in a business. Business brings profit to them. But they may suffer a lose.
Of the two options which is best for the use pension money?

After a bad experience, when my father decided to retire and got his lumpsum, he used it for agriculture business.

He bought a tractor but the problem is he old enough to work in the farm. So let me suggest to use the money or pension in needs and not on business.

 

[Solutionav]

Pension is the meney paid to employees after retirement. Some people use this for their daily needs. Others use it to invest in a business. Business brings profit to them. But they may suffer a lose.
Of the two options which is best for the use pension money?

I think before retirement you should have some business running so that you can focus more on the business that is if you plan your retirement well but if not so I think you should invest your pension in legit business

 

[Lens]

Pension is a stipend and can't be used for investment. It's given to pensioners to eat and enjoy themselves before death comes. So, it's not a big money that could be used to invest on something tangible. In my country, pension is not a kind of money that one can invest with.

 

[Nurudeen]

Pension can be used in whatever ways that pleases anybody. For example you can use your pension for business while you can also use your pension for other means like building

 

[Bookwormlux]

Before I get old, I must have mastered cryptocurrencies trading and investment. I would use my pension to trade cryptocurrencies.

 

[Nomad]

The best way to use a pension is by drawing funds monthly. This will will help you pay your bills in time. If you withdraw large funds at one, it is very likely that you are tempted to over spend.

 

[eLdavis]

Before I get old, I must have mastered cryptocurrencies trading and investment. I would use my pension to trade cryptocurrencies.

Yes in this way you won't have to rely on just your pension because truth be told it would never be enough, there would be bills to pay, rents to settle, even shopping to go for.

 

[Richard92]

Excellent @Henrywrites , a small company that can be managed is a very good idea, and I can tell you that in this part of the world with the amount of social benefits, it is not enough to buy houses, but with money saved and that amount, if you you can buy a house, to help in old age.

The best way for you to use pension as an individual or a literary is by investing it investing pension your rest assured that if you don't have any problem.

 

[Hojo]

Pension comes ones in a year or once in 2half years depending on your region so having this type of gap , I think you should do a short term investment

 

[Bousine123]

Even though it's risky, a business will be better to put the money in, if you save it up for daily needs, it will eventually finish sooner or later.

 

[Toyoabasi]

Pension is the meney paid to employees after retirement. Some people use this for their daily needs. Others use it to invest in a business. Business brings profit to them. But they may suffer a lose.
Of the two options which is best for the use pension money?

It is best to share the pension into two.
While a part takes Care of daily wants, the other part can be used to invest into something that would bring more money.

 

[Mayox25]

My advice is that before retirement make sure you have accomplished all that is capital intensive to do like building your own house, payment of children school fees up to the tertiary institutions, buying of cars,so that when you retire your pension will be adequate to sustain you.

 

[Toyoabasi]

I would suggest to use pension for the daily needs. Generally, the pension amount is not so great and it is just enough for our reduced lifestyle. If we don't have other earning channels, then we should not risk investing pension into a business. After all it is created to support our old age.

I think pensioners an spend their pensions better by saving a part for meeting immediate needs and saving a part too for a business start-up. That way, you have what to fall back to other than your pension.

 

[greenie]

I know of some pensioners who engage in a small business of buying food stuff in the morning and selling it in their community. They say it is not really a business but just to have something to work on. But in fairness to them, they earn good money in their small business. For me, I prefer to just do the chores at home and enjoy my life although I am also working online to be occupied at times. I seldom watch tv so I work on the garden most of the time.

 

[HayKay]

I'll prefer to use my pension funds for daily needs that's why I'm striving to set up my business before I retire so I can get to fail and succeed before retirement. Failure when using pension funds might be disastrous.

 

[Sincerem]

Well, it would be best not to rely your retirement age on just your pension alone as sometimes aren't enough to sustain you through out the period of retirement. It is wise to start making several investment that could give you a passive income even after you stop working actively.

 

[frederick_9]

Although the pension is not a fantastic wage, it is OK to take the social benefits, which are slightly higher, and save.
Although there is a chance of losing money when investing improperly, I advise investing in a food business that is extremely profitable or a residence that you can rent out and benefit from the monthly payment.

 

[Setho]

Your pension should be money that you are going to be using to be taking care of yourself and then paying your bills after you have retired and I thought you should not use it for any kind of investment.

 

[tyrim88]

The pension is not a great salary, but it is valid to take the social benefits that is a little more and invest. It is true that there is a possibility of losing the investment, when it is not done correctly, that is why I suggest you invest in a home and rent it, to have the benefit of the monthly payment or in a food business which is very profitable.

well the aspect of going into real estate is a good one,but a pension might not be enough to be able to properly fund such business,except you want to use your payoff to start up such business.