Pension Plan
Pension plans, also known as retirement plans, are financial arrangements that provide individuals with a source of income during their retirement years. These plans are designed to help individuals accumulate funds over their working years, which are then used to generate an income stream once they stop working.
An individual needs a pension plan to secure a stable and reliable income source during retirement, mitigate the risk of outliving savings, supplement social security benefits, take advantage of employer offerings, benefit from tax advantages, and ensure long-term financial security. A pension plan is an essential component of retirement planning, helping individuals achieve their financial goals and maintain a comfortable lifestyle after their working years.
