1. Retirement Vocabulary
Pension- A regular payment made during a person's retirement from an investment fund to which that person or their employer has contributed
401 (k) Plan- A plan established by an employer to which an employee can contribute a portion of their salary each month. The employer can opt to “match” or “supplement” these contributions.
Social Security-
Any government system that provides monetary assistance to people with an inadequate or no income.
(in the US) A federal insurance program that provides benefits to retired persons, the unemployed, and the disabled.
Medicare- A federal system of health insurance for people over 65 years of age and for certain younger people with disabilities.