Retirement savings refer to the money set aside to be used after an individual stops working, typically due to reaching a certain age. These savings are accumulated during a person’s working life and are intended to provide financial support during retirement when income from employment ceases or decreases. Retirement savings can come from various sources, including employer-sponsored retirement plans (like 401(k) plans), individual retirement accounts (IRAs), personal savings, and investments. The objective of retirement savings is to ensure a comfortable and secure lifestyle in later years, accounting for expenses such as housing, healthcare, and leisure activities. Effective retirement planning involves determining how much to save, choosing the right investment vehicles, and understanding the tax implications of withdrawals during retirement.
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