Pensions purchasers want more than just advice about pensions. 1 Pensions should not be confused with severance pay ; the former is usually paid in common installments for all times after retirement, while the latter is often paid as a fixed amount after involuntary termination of employment prior to retirement. Some kinds of retirement plans, equivalent to cash balance plans, mix features of both defined benefit and outlined contribution plans.
Pension plans turned well-liked within the United States throughout World Battle II , when wage freezes prohibited outright increases in employees’ pay. It is a tax deferred financial savings vehicle … Read the rest