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pension account

Definitions of pension account
  1. noun
    a plan for setting aside money to be spent after retirement
    synonyms: pension plan, retirement account, retirement plan, retirement program, retirement savings account, retirement savings plan
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    types:
    401-k, 401-k plan
    a retirement savings plan that is funded by employee contributions and (often) matching contributions from the employer; contributions are made from your salary before taxes and the funds grow tax-free until they are withdrawn, at which point they can be converted into an IRA; funds can be transferred if you change employers and you can (to some extent) manage the investments yourself
    IRA, individual retirement account
    a retirement plan that allows you to contribute a limited yearly sum toward your retirement; taxes on the interest earned in the account are deferred
    Keogh plan
    a tax-deferred pension plan for employees of unincorporated businesses or for self-employed persons
    type of:
    plan, program, programme
    a series of steps to be carried out or goals to be accomplished
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