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Pension Plans: Doing This Could Really Make A Difference, Please Don’t Ignore

Pension Plans: Doing This Could Really Make A Difference, Please Don’t Ignore

Life is not at all a bed of roses. We all want our post-retirement days to be happy, financially secure, and financially independent. Moreover, after working hard for more than half a lifetime, who wants to lead a dependent life, to bother their loved ones for necessities? In today’s world, the bitter reality is that one in three people is attacked by some form of a deadly disease. Not all of your responsibilities are over by the start of your retirement. Misfortune has no calendar. The post-retirement period is never as smooth financially as you might have envisioned it in your younger, working years. So why not save a part of your earnings today to create a better life for you ahead?

Future Planning is Never a Bad Option.

Even if you are someone who has decent savings, we still advise you to go ahead and select a retirement plan for you to be financially secure and happy in old age. Old days are the golden days, so let’s do what we can to ensure they remain golden. Retirement plans are investment plans where you invest a part of your savings during your earning phase and receive them as your income after retirement. Most people have little to no knowledge about how the market will behave in the next 20 to 30 years. So, with that, how can you save wisely for your future? This is where retirement plans come into picture.

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These plans are designed by great financial experts. They are designed while keeping trends in the market condition in mind, even in the years to come. These plans ensure that you have a quiet life after your retirement by providing you with various retirement plans. And if anything happens to you, your family can claim the money, which is helpful especially if you have family members dependent on you. This will mean they can lead better lives, even in your absence.

Now, the question arises, how do you choose the appropriate pension plan for yourself? It isn’t an easy task because there are dozens of companies around the globe that offer you various pension plans with claims that theirs is the best. It is crucial that you choose the right plan because you are investing your hard-earned money in the plan. And it, to a great extent, will affect your future.

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Keep In Mind Some Basic Things.

Firstly, you should know about the various kinds of pension plans available. The plans are categorized into different categories that depend on the scheme structure and its benefits. For example, pension plans in India are further sub-divided as a Deferred Annuity, Immediate Annuity, Annuity Certain, With Cover and Without Cover Pension Plans, Guaranteed Period Annuity, Life Annuity, National Pension Plan, and Pension Fund.[1] You need to figure out which category plan you want to go for. And you need to also look at the plans that various companies offer you under each category.

To choose the right retirement plan, you need to keep many things in mind. You must have a clear idea about your needs and how much money you will require in order to fulfill your needs. Also, remember all of your responsibilities and as well as potential emergencies you might face post-retirement. Then, gather information about all the options available to you to compare and contrast.

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Look at their benefits and the money you need to invest today. Different online resources, as well as insurance officers and expert advisors will help you choose the right plan. Once you are successful in doing that, there is hardly anything you need to worry about. Just pay the monthly installment and enjoy its sweet fruit in the future. Invest wisely and ensure that post-retirement, you will live a financially secure and virtually carefree life.

A proper pension plan could really make that difference

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Featured photo credit: Pixabay via pixabay.com

Reference

[1] Policy Bazaar: Pension Plans

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Last Updated on March 29, 2021

5 Types of Horrible Bosses and How to Beat Them All

5 Types of Horrible Bosses and How to Beat Them All

When I left university I took a job immediately, I had been lucky as I had spent a year earning almost nothing as an intern so I was offered a role. On my first day I found that I had not been allocated a desk, there was no one to greet me so I was left for some hours ignored. I happened to snipe about this to another employee at the coffee machine two things happened. The first was that the person I had complained to was my new manager’s wife, and the second was, in his own words, ‘that he would come down on me like a ton of bricks if I crossed him…’

What a great start to a job! I had moved to a new city, and had been at work for less than a morning when I had my first run in with the first style of bad manager. I didn’t stay long enough to find out what Mr Agressive would do next. Bad managers are a major issue. Research from Approved Index shows that more than four in ten employees (42%) state that they have previously quit a job because of a bad manager.

The Dream Type Of Manager

My best manager was a total opposite. A man who had been the head of the UK tax system and was working his retirement running a company I was a very junior and green employee for. I made a stupid mistake, one which cost a lot of time and money and I felt I was going to be sacked without doubt.

I was nervous, beating myself up about what I had done, what would happen. At the end of the day I was called to his office, he had made me wait and I had spent that day talking to other employees, trying to understand where I had gone wrong. It had been a simple mistyped line of code which sent a massive print job out totally wrong. I learn how I should have done it and I fretted.

My boss asked me to step into his office, he asked me to sit down. “Do you know what you did?” I babbled, yes, I had been stupid, I had not double-checked or asked for advice when I was doing something I had not really understood. It was totally my fault. He paused. “Will you do that again?” Of course I told him I would not, I would always double check, ask for help and not try to be so clever when I was not!

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“Okay…”

That was it. I paused and asked, should I clear my desk. He smiled. “You have learnt a valuable lesson, I can be sure that you will never make a mistake like that again. Why would I want to get rid of an employee who knows that?”

I stayed with that company for many years, the way I was treated was a real object lesson in good management. Sadly, far too many poor managers exist out there.

The Complete Catalogue of Bad Managers

The Bully

My first boss fitted into the classic bully class. This is so often the ‘old school’ management by power style. I encountered this style again in the retail sector where one manager felt the only way to get the best from staff was to bawl and yell.

However, like so many bullies you will often find that this can be someone who either knows no better or is under stress and they are themselves running scared of the situation they have found themselves in.

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The Invisible Boss

This can either present itself as management from afar (usually the golf course or ‘important meetings) or just a boss who is too busy being important to deal with their staff.

It can feel refreshing as you will often have almost total freedom with your manager taking little or no interest in your activities, however you will soon find that you also lack the support that a good manager will provide. Without direction you may feel you are doing well just to find that you are not delivering against expectations you were not told about and suddenly it is all your fault.

The Micro Manager

The frustration of having a manager who feels the need to be involved in everything you do. The polar opposite to the Invisible Boss you will feel that there is no trust in your work as they will want to meddle in everything you do.

Dealing with the micro-manager can be difficult. Often their management style comes from their own insecurity. You can try confronting them, tell them that you can do your job however in many cases this will not succeed and can in fact make things worse.

The Over Promoted Boss

The Over promoted boss categorises someone who has no idea. They have found themselves in a management position through service, family or some corporate mystery. They are people who are not only highly unqualified to be managers they will generally be unable to do even your job.

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You can find yourself persistently frustrated by the situation you are in, however it can seem impossible to get out without handing over your resignation.

The Credit Stealer

The credit stealer is the boss who will never publically acknowledge the work you do. You will put in the extra hours working on a project and you know that, in the ‘big meeting’ it will be your credit stealing boss who will take all of the credit!

Again it is demoralising, you see all of the credit for your labour being stolen and this can often lead to good employees looking for new careers.

3 Essential Ways to Work (Cope) with Bad Managers

Whatever type of bad boss you have there are certain things that you can do to ensure that you get the recognition and protection you require to not only remain sane but to also build your career.

1. Keep evidence

Whether it is incidents with the bully or examples of projects you have completed with the credit stealer you will always be well served to keep notes and supporting evidence for projects you are working on.

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Buy your own notebook and ensure that you are always making notes, it becomes a habit and a very useful one as you have a constant reminder as well as somewhere to explore ideas.

Importantly, if you do have to go to HR or stand-up for yourself you will have clear records! Also, don’t always trust that corporate servers or emails will always be available or not tampered with. Keep your own content.

2. Hold regular meetings

Ensure that you make time for regular meetings with your boss. This is especially useful for the over-promoted or the invisible boss to allow you to ‘manage upwards’. Take charge where you can to set your objectives and use these meetings to set clear objectives and document the status of your work.

3. Stand your ground, but be ready to jump…

Remember that you don’t have to put up with poor management. If you have issues you should face them with your boss, maybe they do not know that they are coming across in a bad way.

However, be ready to recognise if the situation is not going to change. If that is the case, keep your head down and get working on polishing your CV! If it isn’t working, there will be something better out there for you!

Good luck!

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