old-age insurance
Definition
Noun: A type of insurance that provides regular payments to individuals after they reach a certain age, typically upon retirement. It is a form of financial security designed to support people in their later years.
Usage
This term is used to describe a specific social or financial program. It functions as a compound noun. * The government reformed the national old-age insurance system. * Contributions to old-age insurance are often deducted from wages during a person's working life.
Advanced Usage
- The term is often used in discussions of social welfare policy, pension systems, and retirement planning.
- It can be part of a broader phrase like "old-age insurance benefits" or "old-age insurance fund."
Variants and Related Words
- Pension: A regular payment made during retirement from an investment fund to which the person or their employer has contributed.
- Social Security: (In specific contexts, like the United States) A federal program that includes old-age insurance, survivors' insurance, and disability insurance.
- Retirement Insurance: A very similar term, sometimes used interchangeably.
Synonyms
- Retirement pension
- Old-age pension
- Superannuation (common in British English and Australian English contexts)
Related Phrases
- Old-age insurance benefits: The specific payments received from the insurance.
- Old-age insurance contribution: A payment made into the insurance fund.
Noun
-
insurance paid to the elderly
