Retirement Accounts
A CLIP Account adds to the savings you build in your Personal Account.
You are probably already putting money away in a savings or retirement account. We will refer to that as your Personal Account.
You keep full control of your Personal Account and can make deposits and withdrawals at your discretion.
On joining, you will open a CLIP Account. This is the account in which you earn Community Fund credits and use them during retirement.
Your CLIP Account clips on to your Personal Account to boost your savings and provide extra retirement income.
Two important points about the CLIP Account:
- You never deposit money into or withdraw money directly from the CLIP Account; you only earn and use Community Fund credits.
- No money ever flows from your Personal Account to or from the CLIP Account.
This means you do not have to save more money in the CLIP Account and you never have to move any money from your Personal Account to the CLIP Account. Ever.