Definition

Noun: A regular payment, typically made each month, that is provided to a person who has stopped working due to having reached a certain age or after a long period of service.

Usage

This term is used to describe the financial support system for retired individuals. It is a formal and standard term in contexts like finance, human resources, and government policy. - It is a countable noun (e.g., a retirement benefit, retirement benefits). - It often refers to payments from pension plans, government programs, or employer-sponsored funds.

Examples

Advanced Usage

• Qualified vs. Non-Qualified Plans: In finance, a "retirement benefit" can be classified based on the tax status of the plan providing it.
• Vesting: The right to receive a full retirement benefit often depends on a schedule with an employer.

Variants and Related Words

• Pension: A specific type of retirement benefit, typically a fixed sum paid regularly, often by a former employer or a government scheme.
• Annuity: A financial product that provides a stream of payments, often used to fund retirement benefits.
• 401(k)/Superannuation: Specific named plans or accounts that provide retirement benefits.

Synonyms

• Pension
• Superannuation (common in UK, Australia, NZ)
• Old-age pension

Related Phrases

• Retirement plan: The overall strategy or account for saving for retirement, which provides the benefit.
• Benefit package: The complete set of benefits offered by an employer, which may include retirement benefits.

Noun

1. a monthly payment made to someone who is retired from work