retirement fund

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retirement fund

A couple reviews their retirement fund statement at the kitchen table.

Definition

Noun: A sum of money saved and invested over time, typically through regular contributions, to provide income for a person after they stop working. It is the financial resource from which retirement payments, such as a pension, are drawn.

Usage

This term refers specifically to the accumulated pool of money designated for use during retirement. It is often managed by individuals, employers, or government programs.

Examples
  • Employees are encouraged to contribute a portion of their salary to their retirement fund.
  • After working for 30 years, she has built a substantial retirement fund.
  • The company matches contributions to the employee retirement fund.
Advanced Usage
  • "To draw from a retirement fund": To take money out of the fund, usually upon reaching retirement age.
    • He will start to draw from his retirement fund when he turns 65.
  • "To manage a retirement fund": To oversee the investment and growth of the money.
    • A financial advisor can help you manage your retirement fund effectively.
Variants and Related Words
  • Pension fund (n): A type of retirement fund established by an employer to pay out benefits to employees after retirement.
  • Superannuation fund (n): A common term for a retirement fund or pension plan, especially in countries like Australia and New Zealand.
  • 401(k) (n, US-specific): A common employer-sponsored retirement savings fund in the United States.
  • IRA (Individual Retirement Account) (n, US-specific): A retirement fund that individuals can set up independently of an employer.
Synonyms
  • Pension plan: A formal arrangement for providing a person with a pension.
  • Nest egg: Informal term for a sum of money saved for the future.
  • Savings for retirement: A descriptive phrase with the same meaning.
Related Phrases
  • Retirement savings: Money specifically put aside for retirement, often used interchangeably with "retirement fund."
  • Retirement account: The specific financial account (e.g., IRA, 401(k)) that holds the retirement fund.
retirement fund

A couple reviews their retirement fund statement at the kitchen table.

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

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