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
so vested in 10 years means you gotta work there for a decade to keep the pension money if you leave before that you lose it. pensions are cool cause they usually have a guaranteed payout for life while a 401k just depends on how much you save and invest. so basically it’s free money if you stick around long enough. that’s some motivation to chill at the job for a while
so like when they say your pension is vested in 10 years it means you gotta work there for 10 years before you get the money you earned. a 401k is more flexible but with pensions you get that sweet steady income once you’re old. plus it’s all about that guaranteed money ya know? sounds good to me
a pension being vested in 10 years means you gotta work there for 10 years to actually get it if you leave before then you kinda lose it. pensions are like golden handcuffs you gotta stick around to get the gold. 401k’s are more flexible but pensions usually have more stable payouts. for long-term chillin pensions can be sweet like that
getting vested in 10 years means you gotta work there for a decade before you own your pension money. it’s like being in a long term relationship before you get the good stuff. pensions are sweet because they give you guaranteed income when you retire. 401k’s depend more on your investments which can be a bit risky so it’s a trade off. nice to have options tho
a pension being vested in 10 years means you gotta stick around for a decade to get that sweet money when you retire. unlike a 401k where you can take your money with you, pensions kinda tie you down but promise a guaranteed retirement pay if you stay long enough. it’s like an exclusive club that rewards loyalty so if you like the company that’s a good deal
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