retirement savings account

Other forms: retirement savings accounts

Definitions of retirement savings account

1. noun

   a plan for setting aside money to be spent after retirement
   synonyms: pension account, pension plan, retirement account, retirement plan, retirement program, retirement savings plan

   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from the employer; contributions are made from your salary before taxes and the funds grow tax-free until they are withdrawn, at which point they can be converted into an IRA; funds can be transferred if you change employers and you can (to some extent) manage the investments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