retirement-fund

Vocabulary Word

Definition

A 'retirement fund' is an account where you save money throughout your working years, which you can use after you retire. Think of it as a financial safety net for your life after employment.

Examples in Different Contexts

In personal finance, a 'retirement fund' is a savings account specifically for the purpose of providing an individual with income during retirement. Financial planners often recommend, 'Starting a retirement fund early is key to ensuring a comfortable retirement, thanks to compounding interest.'

Practice Scenarios

Government

Scenario:

Our mission is to administer a secure retirement system that lets employees plan adequately for their future.

Response:

Will there be any change in retirement fund contribution rates for public employees in the upcoming fiscal year?

Business

Scenario:

Our company strongly believes in securing lifelong financial stability for our employees. Therefore, we emphasize the importance of participating in our retirement saving plan.

Response:

Can you recommend a good percentage of my salary to contribute to the company's retirement fund?