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.
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.