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Top-Ups

Top-ups refer to additional contributions made to an investment, savings plan, or insurance policy, usually to increase the value or coverage.In financial products like pensions, savings accounts, or health insurance, investors or policyholders can "top up" their accounts by adding more funds over time, enhancing future returns or benefits. Top-ups are common in both individual and corporate financial planning.

Example

An individual may decide to top up their pension plan with an extra $5,000 at the end of the year to increase their retirement savings.

Key points

• Additional contributions made to an investment or savings plan.

• Often used to boost future returns or benefits in financial products.

• Common in pensions, savings accounts, or insurance policies.

Quick Answers to Curious Questions

Top-ups help increase the value of their investments, leading to higher future returns or more benefits.

Top-ups allow individuals to contribute more toward their retirement accounts, growing their savings and providing greater financial security in retirement.

Top-ups in insurance policies can increase coverage, ensuring better protection or higher payouts when claims are made.