Most of the readers of our blog are young people, and far from the pre-retirement age. Many, probably, have just started their work for an employer or for themselves. In the case of independent and completely independent “swimming”, the topic of this article is particularly relevant. So, today we will talk about pension provision.
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So, what do we have today?
Carrying out, so to speak, an official work activity, the employee has practically nothing to worry about. All deductions regarding the future pension are made by the employer. In accordance with the amount of these deductions and current legislation, a pension is accrued when an employee reaches retirement age.
This scheme has been “working” in our country for a long time and is well known to everyone. Also, everyone knows that the size of such a pension, unfortunately, most often, does not allow a person to live to the full. Therefore, you need to think about your future now.
At its core, a pension is a long-term investment. This means that the approach to this type of investment should be appropriate. There may be several ways of such investment.
Bank deposit
In more detail, this type of investment was discussed on the pages of our blog. In any case, even as a long-term investment, a bank deposit has certain disadvantages. The main one is that the accrued interest is always less than the level of inflation in the country.
Alternative pension insurance programs
In essence, they are the same bank deposits, only for a longer period. Accordingly, they have the same disadvantages, plus, specified in the contract, more stringent conditions for withdrawing the deposit. In general, it is worth thinking several times about how effective this scheme is to ensure a comfortable future for yourself.
Government securities
Another way to provide for yourself in old age at the expense of the state, no matter how strange this wording may sound, is to buy government bonds or state treasury obligations. The essence of this type of investment is “to lend money to the state”. Then, after the agreed period, get back your money or interest on the loan. By the way, the interest on this type of loans is higher than a bank deposit. In this article, on the example of Ukraine, this investment mechanism is described. Since it is designed for a long time, it can be used to provide yourself with additional income in old age.
Gold
An investment tool designed specifically for long-term investment. One day, we will definitely cover this topic on the pages of our blog in more detail. Now we can only say that, with a competent approach to this issue, you can fully provide yourself with additional pension security. You just need to carefully study all the details.
MUTUAL FUND
Mutual funds can be considered as a good alternative to bank deposits. This type of investment requires some attention — it is necessary to constantly monitor the activities of the fund, not to make a mistake in choosing the mutual fund itself and its founders, etc.
But, if successful, the result of such an investment activity will please you and provide you with some capital in your declining years.
This, perhaps, is the end of the list of types of long-term investment, with which you can provide yourself with a decent income in old age and alternative retirement security.
financial team 