What does pay-as-you-go pension plan mean?
Definitions for pay-as-you-go pension plan
pay-as-you-go pen·sion plan
This dictionary definitions page includes all the possible meanings, example usage and translations of the word pay-as-you-go pension plan.
Wikipedia
Pay-as-you-go pension plan
A pay-as-you-go pension plan is a retirement scheme, where as in which a said contributor can choose how much money they would like to be deducted regularly from either their paycheck, or by perhaps a lump sum to their own retirement fund. The funds they choose to provide goes towards a retirement plan which can be then redeemed upon reaching retirement age.With this type of plan, the contributor can decided how much money they see fit to contribute to the fund. With the funds that are contributed, the contributor will be able to devise a plan on what to invest in, which in turn leaves said contributor as the person mainly responsible for how much the pension can grow. Choosing an investment that is more risky can lead to a bigger return on money however, it is also possible to choose a steady and safe investment in order to have a consistent return on money. Upon reaching the age of retirement, the contributor can choose to have their money paid to them in a lump sum, which means they will receive one large cheque with their money, or they also have the other option to receive their cash in monthly installments. A combination of these two methods is possible whereas the contributor could receive a smaller monthly fee along with a small lump sum withdrawal.
Numerology
Chaldean Numerology
The numerical value of pay-as-you-go pension plan in Chaldean Numerology is: 8
Pythagorean Numerology
The numerical value of pay-as-you-go pension plan in Pythagorean Numerology is: 1
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"pay-as-you-go pension plan." Definitions.net. STANDS4 LLC, 2024. Web. 19 Apr. 2024. <https://www.definitions.net/definition/pay-as-you-go+pension+plan>.
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