retirement fund
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.
Noun
-
a monthly payment made to someone who is retired from work
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