Definition

Noun A regular, typically monthly, sum of money paid by a government or former employer to a person who has stopped working due to having reached a specific age or due to ill health.

Usage

This term refers specifically to the ongoing financial support provided after one's career ends. It is a compound noun where "retirement" specifies the type of "pension."

Examples

• After 40 years of service, she now receives a retirement pension.
• Calculating your expected retirement pension is an important part of financial planning.
• The company's scheme guarantees a retirement pension based on final salary.

Advanced Usage

• The concept is often discussed in contexts of social security, personal finance, and aging populations.
• It can be part of a larger "pension plan" or "retirement plan."

Variants and Related Words

• Pension (n): The broader category of regular payments made during retirement or for other reasons (e.g., disability pension).
• Superannuation (n): A term commonly used in countries like Australia and New Zealand for a retirement pension or fund.
• Annuity (n): A financial product that provides a series of payments, often purchased with a lump sum to create a private retirement pension.

Synonyms

• Old-age pension
• Social Security (Note: In the U.S., this is the specific federal program providing retirement, disability, and survivor benefits.)
• Super (Informal, used in Australia/NZ)

Antonyms

• Salary
• Wage
• Active income

Related Phrases

• Retirement benefits: A broader term that may include pension, healthcare, and other perks.
• Pension fund: The pool of money that is invested to pay future pensions.
• Draw a pension: The act of receiving pension payments.
  • He will draw his pension starting next month.

Noun

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