IPSP
Hello little one! Do you know what a piggy bank is? You put money inside it to save for something special, right? Well, an IPSP is like a piggy bank, but for really big things!
Here's how it works: let's say Mommy and Daddy want to build a new house. They don't have enough money to pay for it all at once, so they start putting some money into an IPSP. This stands for "Individual Public Service Pension," but we'll just call it an IPSP for short.
Mommy and Daddy "contribute" money to the IPSP every year. This means they put some of their earnings from work into the piggy bank to save up for the new house. They also get some help from their employer, which is like a bonus for working hard.
Over time, the money in the IPSP grows bigger and bigger, just like the coins in a piggy bank. When Mommy and Daddy have saved up enough, they can use the money to build the new house they want! And since they saved up in an IPSP, they also get some tax benefits, which is like getting extra money from the government for being responsible savers.
So, that's what an IPSP is. It's a special piggy bank that grown-ups use to save up for big things like houses or retirement. Pretty cool, huh?
Here's how it works: let's say Mommy and Daddy want to build a new house. They don't have enough money to pay for it all at once, so they start putting some money into an IPSP. This stands for "Individual Public Service Pension," but we'll just call it an IPSP for short.
Mommy and Daddy "contribute" money to the IPSP every year. This means they put some of their earnings from work into the piggy bank to save up for the new house. They also get some help from their employer, which is like a bonus for working hard.
Over time, the money in the IPSP grows bigger and bigger, just like the coins in a piggy bank. When Mommy and Daddy have saved up enough, they can use the money to build the new house they want! And since they saved up in an IPSP, they also get some tax benefits, which is like getting extra money from the government for being responsible savers.
So, that's what an IPSP is. It's a special piggy bank that grown-ups use to save up for big things like houses or retirement. Pretty cool, huh?