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A pensioner is a person who receives a pension, most commonly because of retirement from the workforce. [1] This is a term typically used in the United Kingdom (along with OAP, initialism of old-age pensioner), Ireland and Australia where someone of pensionable age may also be referred to as an 'old age pensioner'.
Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called retirement plans in the United States, they are commonly known as pension schemes in the United Kingdom and Ireland and superannuation plans (or super [3]) in Australia and New Zealand.
The retirement fund is a defined benefit type pension plan and was only partially funded by the government, with only $268.4 million in assets and $911 million in liabilities. The plan experienced low investment returns and a benefit structure that had been increased without raises in funding. [29]
Most retired workers depend on multiple streams of income during their retirement. Two of the most common such income streams are Social Security and pensions. If we look at pension vs. Social ...
The better question might be how much your retirement income depends on market growth versus how much is guaranteed in pension payments or Social Security. If you are comfortable with the balance ...
Bottom line. Choosing between a lump sum or an annuity for your pension is a major decision. Carefully consider your options, seek professional advice and create a comprehensive retirement plan ...