private pensions
Individual retirement savings
Private pensions are retirement savings plans sponsored by employers or set up by individuals, distinct from government programs like Social Security.
Employer-sponsored plans include defined-benefit pensions (guaranteeing specific payments) and defined-contribution plans like 401(k)s, where employees contribute from their paychecks.
Personal pensions are retirement accounts individuals establish independently: She maxed out her private pension contributions this year.
- defined benefitPredetermined retirement payment arrangement
- superannuationRetirement savings scheme
- 401(k)Tax-advantaged retirement savings account
- fiduciary dutyObligation to act loyally
- financial advisorProfessional guiding monetary decisions
compound interest · annuity · income stream · investment portfolio · Roth IRA · employer contributions · employer match · contribution limits · portability · hope · relief · worry · tax deferral · drawdown · early withdrawal · plan · tax codes · tax relief
- retirementretirement, retire, retirement age, retirees, retirement income
- pensionspensioner, state pensions, old age pensions, public pensions, CPP
- Social SecuritySSN, FICA, Social Security Administration, disability benefits, retirement benefits
private pensionssocial security
Public financial protection programs
public pensions · state pensions · government pensions · national insurance · Medicare
private pensionssocial insurance
Government-backed risk pooling