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
pensions can sound confusing but basically a pension is a fixed amount you’ll get in retirement if you stick around long enough. 401k is more about your own contributions so it can be less stable. so if they say your pension is vested in 10 years it means you gotta work there for a decade to actually get it. 10 years seems long but think of that sweet retirement money waiting for you at the end. kinda worth it right.
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