Making money with your pension

Augusta

VIP Contributor
Saving for your retirement during your working days wasn't just about spending it after retirement. You can as well use it to make more money.

One of the ways to achieve this will be starting a business, you can easily managed. To get this right you can use the below tips to assess the business you can easily managed.

Look out for a business that you might not need to work so hard to kick start successfully

Go for a business that wouldn't need you travelling a long distance to get the products for sale

Going for an online business that will be profitable enough for you would be great for you

Have a business you can easily run yourself incase you can't pay employees or workers immediately you start the business
 
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Ages

Active member
You can't access your pension money until you retire or reach your retirement age or you lose your job.
 

Mika

VIP Contributor
I can't speak for other countries, but in my home country, the average retirement age s 60 years. When you are 60 years, what can you actually do to make money? You cannot work many hours like you used to, you will already have health complications like diabetes, blood pressure, arthritis, etc. Furthermore, you can't also risk your funds because if you lose your pension money, you will have no way to feed yourself. The best option to grow your pension funds is by keeping it in interesting bearing bank acocunts. In my home country, you get 10 percent interest in bank deposits.
 

Ages

Active member
At young age is best to save extra fund incase when you are old you will have enough money.
 

Adriana Jaycie

Active member
Hey Dude your pension is also your savings therefore it makes know difference. Its best you reinvest.
 

Augusta

VIP Contributor
I think it should be immediately you are employed abs and your job is pensionable you should be sure that the pension is in place for you. you could check with the pr or Hunan resource dept of the job. but if it isn't pensionable then you need to open an account and start saving the money yourself.
 

Augusta

VIP Contributor
I can't speak for other countries, but in my home country, the average retirement age s 60 years. When you are 60 years, what can you actually do to make money? You cannot work many hours like you used to, you will already have health complications like diabetes, blood pressure, arthritis, etc. Furthermore, you can't also risk your funds because if you lose your pension money, you will have no way to feed yourself. The best option to grow your pension funds is by keeping it in interesting bearing bank acocunts. In my home country, you get 10 percent interest in bank deposits.
This isn't a bad idea if the person is not ready to start any business. I know some people don't want to do any serious job after retirement so it is understandable. the bank interest must have been for fixed deposit that you keep your money for a period of time before withdrawal.
 

Jasmine

VIP Contributor
If your employer does not offer you a pension plan, you need to gradually save money to build a pension for yourself. However, if your employer offers you a pension plan, you will have access to your pension only when you retire. By the time you retire you will be little old and you make not be able to work as had as you used to therefore starting business after you retire can be a bad idea. The best way is to save money in bank accounts that give you interest on your deposit.
 

Augusta

VIP Contributor
Yeah the two things involve you is having a pension plan in place by your employers or having your own pension plan. if your emoloyers have no pension plan then one can simply open an account for that abs start saving. doing a little business can help as well than just staying idle
 

Caramelle

Active member
As many retirees say, their pension is barely enough for their maintenance medicine. I wouldn't count too much on the pension as a source of business capital. It's important to build our own passive income stream before we retire because our physical and mental faculties will have declined by then. It's hard to imagine that while we're young, but it's something we have to expect. Our pension may not even be enough to cover our living expenses. I would advise starting young so that there's plenty enough time for money to build up. Further, you have the luxury of saving small amounts that you won't even feel you are actually saving for your retirement.
 

Alexandoy

VIP Contributor
I guess this topic is very appropriate for me because I am a retiree and I have a plan of getting into business. However, what is holding me right now is the capability to handle the business. My plan is a home-based business so I will not travel. That is less hassle and less expenses too. My first choice of a home-based business is food products. However, food is perishable and I might be having issues with wasted and spoilage. Another issue that scares me is the food poisoning. Once the food that I sell would cause food poisoning then that is the end of the business.

Being retired has its disadvantage in not having an occupation. It is a pity when you become idle with nothing to do at home. Even if you have the resources to live a comfortable life with a big pension maybe but if you have nothing to do then boredom might get you sick. A home-based business can give you an occupation which is convenient since you do not need to travel. Now I am considering to sell household items that are not perishable like soap and kitchen items.
 
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