had a job interview the other day where they mentioned that i would get a pension that was vested in 10 years if i was selected for the job
wtf does a pension being vested mean? and whats the different between a pension and something like a 401k that makes people like pensions more?
In: Economics
a pension being vested in 10 years means you gotta work there for 10 years to get the money when you retire. it’s like a loyalty reward but you can’t cash out early. pensions tend to be better because they promise a fixed income in retirement. 401k is more like a gamble with your own cash. if you don’t stick around long enough you miss out on that sweet pension. but hey 10 years isn’t too long right
Latest Answers