What is the difference between a pension and savings fund?

[Wilderthought]

Savings funds are deductions made that are not going to be used for Sayed period of time where as pensions are larg sums of money thar paid out once

 

[BrolySSJ]

The major challenges that most people who wish to start up their own business faces is lack of the required capital needed for them to start up the business successfully.

This is true, and money is the one thing that is preventing a lot of people from doing a lot of business ventures, however i think that if the idea is good enough then you can surely secure an investor.

 

[Heatman]

When you already have two capital that you need to start up a business I don't really think there is any Big challenge that is remaining because the business plan must have already been down but the capital might have been the challenge why the business was not initiated.

 

[BrolySSJ]

When you already have two capital that you need to start up a business I don't really think there is any Big challenge that is remaining because the business plan must have already been down but the capital might have been the challenge why the business was not initiated.

I think that location is another major concern, and even if you have the capital but open up in the wrong location it can still set you out to actually fail if you are not careful.

 

[Heatman]

I think that location is another major concern, and even if you have the capital but open up in the wrong location it can still set you out to actually fail if you are not careful.

Yeah - a lot of people make the mistake of thinking that they can set up their business anywhere that they want without considering the consumers location which is a very big factor in starting up a business and its survival.

 

[Alexandoy]

Savings funds are deductions made that are not going to be used for Sayed period of time where as pensions are larg sums of money thar paid out once

A pension is the monthly allowance that the pensioner receives. The lump sum is the retirement pay that a long time worker would receive when he finally submits a retirement request. He will not be working anymore so he is qualified to receive the retirement pay.

 

[Stylex]

When you create a pension fund this is essentially money that will be put away and be paid out to you upon your retirement in order to fund your lifestyle at that time. It ensures that you have enough money even after you retire to continue to meet your financial needs. However, this sounds very similar to a savings account that you have had for a long term in my opinion. In a savings account you can put or deposit a certain portion of your funds monthly and save them for later on, when you so need them, or at your retirement.

What are the differences between a pension fund and a savings account, because they seem to serve the same purpose and have the same mechanisms driving it.
[/QUOTE
that's true ,you've said it all ,but in addition, pension is the amount of money given to you when you have retired that's weekly or monthly depending on how you worked ,while saving account is the amount of money you've saved

Post automatically merged: Sep 27, 2021

When you create a pension fund this is essentially money that will be put away and be paid out to you upon your retirement in order to fund your lifestyle at that time. It ensures that you have enough money even after you retire to continue to meet your financial needs. However, this sounds very similar to a savings account that you have had for a long term in my opinion. In a savings account you can put or deposit a certain portion of your funds monthly and save them for later on, when you so need them, or at your retirement.

What are the differences between a pension fund and a savings account, because they seem to serve the same purpose and have the same mechanisms driving it.
[/QUOTE
that's true ,you've said it all ,but in addition, pension is the amount of money given to you when you have retired that's weekly or monthly depending on how you worked ,while saving account is the amount of money you've saved

 

[Peskyblaise]

Pension is organized controlled by the place you work for and it comes after your retirement but saving plan is controlled by you and you can start anytime to do this

 

[kayode10]

Some pension companies make use of your money to invest in other businesses and make good return. Then they are going to share the profits between you and them. So people make more money with pension scheme than saving in the bank.

 

[Nass]

There's a light and clearly different between pension and saving funds, pensions refers to the money that you served to the company or organizations which will be giving to you at end of the particular time.

 

[Ceeny007]

Pension is income that was accumulated over your working career and paid to you monthly till you die while savings fund is money you saved up

 

[HayKay]

As you have mentioned a savings account is just storing your money in the bank that you earn a minimal interest every month. A pension fund is like an insurance that you deposit your money in the form of monthly premium. The money collected by the insurance company is invested in high yield financial programs. On the start of your pension after many years of building up your pension plan you are given the monthly or the lump sum. It is the total amount that you have deposited plus the substantial profit of your money based on their investment scheme.

Took the words right outta my mouth. Spot on analysis; in pension funds, your money isn't lying dormant as it is in your savings account. It is being put to good use and far greater returns than that which can be accrued from just saving the money is accumulated.
It's simply a way to grow your money steadily

 

[Seno inyang]

Pensions are a token of deducted funds set aside on the regular and this is done by the organization you've worked for, be it private or government, this money is later paid into your account when you retire. Savings is a personal deal from an individual's pocket for future use.

 

[Toyoabasi]

When you create a pension fund this is essentially money that will be put away and be paid out to you upon your retirement in order to fund your lifestyle at that time. It ensures that you have enough money even after you retire to continue to meet your financial needs. However, this sounds very similar to a savings account that you have had for a long term in my opinion. In a savings account you can put or deposit a certain portion of your funds monthly and save them for later on, when you so need them, or at your retirement.

What are the differences between a pension fund and a savings account, because they seem to serve the same purpose and have the same mechanisms driving it.

A pension and saving fund are similar in that they are aimed at the future.
They are different in that, a pension fund is raised for 'after retirement' from service. The saving fund is raised to meet any futuristic need.

 

[YERUS]

When you create a pension fund this is essentially money that will be put away and be paid out to you upon your retirement in order to fund your lifestyle at that time. It ensures that you have enough money even after you retire to continue to meet your financial needs. However, this sounds very similar to a savings account that you have had for a long term in my opinion. In a savings account you can put or deposit a certain portion of your funds monthly and save them for later on, when you so need them, or at your retirement.

What are the differences between a pension fund and a savings account, because they seem to serve the same purpose and have the same mechanisms driving it.

I think a pension fund is carried out for pensioners and by them.
A savings fund on the other hand is carried out by anyone.
They all are aimed at meeting financial needs, especially long term ones.

 

[Smiles20]

When you are keeping money as a pension then you are doing it solely with the aim to use it after retirement. In a savings fund, you might decide to use the money for something else one day.

 

[Blessedsam60]

When you create a pension fund this is essentially money that will be put away and be paid out to you upon your retirement in order to fund your lifestyle at that time. It ensures that you have enough money even after you retire to continue to meet your financial needs. However, this sounds very similar to a savings account that you have had for a long term in my opinion. In a savings account you can put or deposit a certain portion of your funds monthly and save them for later on, when you so need them, or at your retirement.

What are the differences between a pension fund and a savings account, because they seem to serve the same purpose and have the same mechanisms driving it.

I think pension fund is the money you are paid because of your retirement but salary fund it's those who save part of the big

 

[Mayox25]

Pension fund is different from savings. Pension is the money you are paid monthly after retirement in which you do not have access to until retirement. Whereas in your savings you can have access to it at any given time you desire.

 

[greenie]

Method is same but there is a lot of difference b/w both. Saving funds is up to you how much you , save higher and get savings more, but in pension there is a clear difference. It is given by government at the age of retirement and every month they pay you till your death and even after death your wife can get that pension till her death too. But saving funds only for some time.

 

[Smiles20]

When you are enrolled for any of them, you are actually keeping money but then the difference is that with pension you are only going to access it after your retirement from active service. With a savings fund you can use it once your target is reached.