What Is a Pension Plan?

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A pension plan generally refers to a method for compensating employees for their retirement. Discover ways to contribute to a personal pension plan with help from a licensed insurance agent in this free video on retirement planning and personal finance.

Part of the Video Series: Retirement Planning
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Video Transcript

Hi, my name is Bill Rae. I'm a licensed agent and I have been in the finance field for well over two decades. The question is, what is a pension plan. It's an excellent question. Pension plan generally refers to a method or a way to compensate employees for their retirement, by setting aside today's dollars. Most pension plans are set up and structured so that the company is paying for your retirement. A lot of pension plans will allow you to contribute, and if they do, I highly recommend that you participate. Be careful when choosing employment. When looking at two different companies, if one has a pension plan and the other doesn't and all things being equal, meaning the pay is the same, the benefits are the same, then you'd be highly advised to move with the pension plan. It's added money, it's free to you. My name is Bill Rae, and I am helping you build wealth.

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