How do you prefer your pension to be paid??

Georgeadawara

Active member
Actually i prefer my pension to paid into my account so easy access and also actualising the purpose to which it was paid. Because most at times when people received their pension there is a pressure from family and friends to spend it unnecessary. So the best way is to be paid into my account and do what i plan to do with it
 

sincerem

VIP Contributor
My pension is a monthly amount that I receive. As far as I know we do not have a lump sum here. But if ever we can receive our pension in full more likely I would still prefer to be on a monthly pension because that gives me security to think that I will have some money every end of the month. With the lump sum I might spend it all in a year and I would have nothing on the 2nd year.
I understand your point, since you're retired and at the moment you aren't motivated going into business. Your skeptic about not risking your funds in an unsuccessful business time and suffer rest of the year cos of that. Everyone should just focus on the plan that suits him or her perfectly.
 

btaliat

VIP Contributor
Receiving pension monthly is better than receiving it as a whole to me. I do tell people that pension is meant to be keeping the soul, body and mind alive. When you get your pension once with the aim of investing with it. Investment may go wrong hereby making you lose all your pension. That's why it is better to be collecting it monthly. That's my own opinion.
 

Alexandoy

VIP Contributor
My pension is a monthly amount that I receive. As far as I know we do not have a lump sum here. But if ever we can receive our pension in full more likely I would still prefer to be on a monthly pension because that gives me security to think that I will have some money every end of the month. With the lump sum I might spend it all in a year and I would have nothing on the 2nd year.
 

sincerem

VIP Contributor
I will prefer my pension be paid on monthly basis in the sense that every month I will be sure of getting some amount of money. Even though, paying at once will not be too bad in the sense that I will have a very big business idea. But in the case of you will not have any business in mind or you already have a business then paying on monthly basis is better.
You know how little the monthly stipend is here in our country. It will be okay for you when you've made provision already for earning means during your active working career. If you have other means you earn a living then you can stick around the monthly pension stipend since you got alternative that improves your income.
 

Chibson

VIP Contributor
I will prefer my pension be paid on monthly basis in the sense that every month I will be sure of getting some amount of money. Even though, paying at once will not be too bad in the sense that I will have a very big business idea. But in the case of you will not have any business in mind or you already have a business then paying on monthly basis is better.
 

sincerem

VIP Contributor
If I am a retired civil worker I will like my salary to be paid once this is because paying me my salary every month will be waste, because I will not be able to invest the money in any business except I have the power to save, but if I am being paid my pension ones it is possible for me to invest this money in any business of my choice even if I don't have the ability to save.
Okay. If the pension benefits will be paid once and not based on monthly stipend it will really make sense. Base the little monthly stipend can't be enough to sustain the pensioner and have reserve to run a home business nor build a tenant house to receive annual passive income.
 

Samuel72

Verified member
If I am a retired civil worker I will like my salary to be paid once this is because paying me my salary every month will be waste, because I will not be able to invest the money in any business except I have the power to save, but if I am being paid my pension ones it is possible for me to invest this money in any business of my choice even if I don't have the ability to save.
 

sincerem

VIP Contributor
I think I have answered similar question here but let me still make an input. I think I will definitely go for my pension to be paid at once because I will definitely have a business plan. People who does not have business plan and they're not willing to go into any business will prefer their pension to be paid on monthly basis. So it is dependent on your plans.
Your wishes for the way pension salaries to be paid its where i stand too. If one crave a lucrative business to venture in after service years then he or she would want full payment for pension. Meaning the person will want it to be paid once so he or she will use it to invest on whatever plans they got. I can't just wait for such a little monthly stipend to get things done.
 

Chibson

VIP Contributor
I think I have answered similar question here but let me still make an input. I think I will definitely go for my pension to be paid at once because I will definitely have a business plan. People who does not have business plan and they're not willing to go into any business will prefer their pension to be paid on monthly basis. So it is dependent on your plans.
 

sincerem

VIP Contributor
From my observation I think government makes that decision because in as much as it maybe you might decide you want your pension in full but the government has signed you be paid monthly then you won't have an option except if there is a place given for one to make a choice between being paid monthly or once then I will go for once payment
I understand the government makes the plan it comes to pension payment. But if I'm presented to make an open choice on how my future pension, I'll gently accept to take all they owe me once and start up my business in a broader way. I don't want such lower salaries month, cos it can't be enough to carter for my needs and start up a lucrative business for myself to drive steady income.
 

Abee111

Active member
People always using the general methods of pension payment which is use to pay monthly.and thats the best and good way to make the payment for pensionier.
But to me I prefare them to pay me once and for all so that I will set a large scale of business for me not to depend on my pension which is paid by the government.I will only be depending on by business, run it well and be independent.
 
From my observation I think government makes that decision because in as much as it maybe you might decide you want your pension in full but the government has signed you be paid monthly then you won't have an option except if there is a place given for one to make a choice between being paid monthly or once then I will go for once payment
 

sincerem

VIP Contributor
okay, everyone has his or her choice when it concerns taking the pension. Some prefer the normal pension stipend, why some we'll gladly want it all in order to enjoy their retirement time with the whole lot of money brought out. Base on age some people are incapable to Forster the welfare of any business. So it will be hard for them to want all the pension salaries cos they won't be embarking on creating a business. Rather focus on that monthly stipend.
 

Nite

Valued Contributor
If anyone is preferring to spend money over future savings, then I think, full pension plan may be a good option. However, some people even if they are financially savvy, might not be able to manage their finances at an advanced age, when they need the security of a regular monthly income. For them, monthly pension would be a good choice to fulfill their monthly requirements as they will continue to have some regular source for life. Some people also prefer taking monthly pension as it lowers their taxes a bit.
 

sincerem

VIP Contributor
Paying monthly stipends is my best bet as there are spendings I'd love to make especially unforseen things. Instead of waiting yearly, monthly stipends will take care of expenses that would arise and save some. The idea of waiting yearly is such that you invest the lump sum in either a business or an investment but that is not my preference. I believe if you receive yearly payments then how do you handle monthly expenses that pile up or how do you tackle emergencies when they arise?
Monthly stipends isn't likened by me, I prefer they pay it all. Or paying it yearly in a larger value. That retirees monthly stipend can't be enough to settle for bills and maintenance cost plus business start up. I know it is encouraging to start early to plan ahead of retirement than just sitting down and spending all we got and waiting for our retirement benefits. But if things didn't work as planned then I'll prefer they pay me all so i can use it to start up my own business to drive steady income.
 

sincerem

VIP Contributor
Their are people, I mean retirees that wouldn't love to get monthly salary from his or her pension allowances. They will like get all payment at once just like the gratuity type of retirement reward. Why those that can't save up will always want the Monthly stipends to enable them take care of their needs, especially paying for utility bills and other stuff. I love receiving everything I worked for at once, if I can get my pension reward at once, it will make me feel good. I love investing on more beneficial things with good sum of money to be earned and re_invested.

If you're a retired civil servant how do you want your salary to be paid?? Pay you everything they owe you once, or by monthly??
 
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Hena101

Active member
Many people have different ways of how they prefer their pension to be paid depending on the problems they are facing, the opportunities available to them the things they want to do in general.
But to me i prefer my pension to be paid directly into my bank account simply because it's there that i will have access to it in secret and do what i planned to do with it before i retired otherwise i will end up spending it wastefully
 

greatguy1

Active member
Their are people, I mean retirees that wouldn't love to get monthly salary from his or her pension allowances. They will like get all payment at once just like the gratuity type of retirement reward. Why those that can't save up will always want the Monthly stipends to enable them take care of their needs, especially paying for utility bills and other stuff. I love receiving everything I worked for at once, if I can get my pension reward at once, it will make me feel good. I love investing on more beneficial things with good sum of money to be earned and re_invested.

If you're a retired civil servant how do you want your salary to be paid?? Pay you everything they owe you once, or by monthly??
Paying monthly stipends is my best bet as there are spendings I'd love to make especially unforseen things. Instead of waiting yearly, monthly stipends will take care of expenses that would arise and save some. The idea of waiting yearly is such that you invest the lump sum in either a business or an investment but that is not my preference. I believe if you receive yearly payments then how do you handle monthly expenses that pile up or how do you tackle emergencies when they arise?
 

sincerem

VIP Contributor
I dont know am not old yet but am certain that I don't want to depend on any pension plan.I don't think pension could be payed to someone all at once or maybe it just that I haven't seen I would make my research.but come to think of it why would any one want to eat all his cake at once and remain hungry later on.pension money is not usually that much it only a meagre compared to the main salary the fellow was collecting before.It majorly for sustainance,slightly comfortable living.That is why it is advisable to make strong investment before retiring.
You spoke admirably well, it is very much advisable to invest mainly before going on retired. So that one won't be over dependent on pension for sustainable income. Investment is the best, it will enable the pensioner to live happily with steady inflow of money without waiting for the pension salary to hit his or her phone. I can't depend on pension salaries to make a better living on earth. It gonna be detrimental to my life here on earth cos the pension might not come on time. That will make me suffer for years without income flow.
 
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