A pension plan is a type of investment plan that helps you accumulate a part of your savings over a long-term period to have a secured financial future. It helps you to deal with post-retirement and ensures a steady flow of income after retirement. Even if a person has a good amount of savings, a pension plan is nevertheless crucial.
Having had a lifestyle during the days we work, post retirement, one expects at least one level of that stability in the form of regular income. An income that can look after your post-retirement expenses. Pension plans are one way of not just securing your future but at the same time avail tax benefits. These pension plans are offered by both public as well as private sector companies. These pension plans help you decide on what day you wish to start receiving your pension.
Different Types of Pension Plans