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With endowments, your mortgage is set up so the monthly payments go down.  With a mortgage of this type, you only pay interest going toward the amount of money you received from the lender.  You will also find that endowments are set up so you also pay a small amount of money that goes into a special policy, which grows over time as money is added.  With a policy such as this, when you near the age of retirement and your mortgage loan is close to being paid off, the capital of the mortgage loan is paid using the endowment money.

When it comes to pensions, there are many different types.  Regardless, a pension is a retirement plan offered by the employer, which may or may not be included in a part of salary or benefit plans.  We wanted to provide some information about different pensions, helping you choose the best plan for your particular needs.

Unfortunately, most people do not have adequate knowledge about annuities, something that is actually very important especially for seniors.   Typically, we think of getting a nominal check in the mail from the insurance company when we hear the word “annuity” but there is much more.  In summary, annuities are a type of income from an insurance company, which is often considered a part of an elderly person’s income.