Retirement savings refers to the funds that individuals accumulate and set aside during their working years to provide financial support during retirement. This typically involves various savings and investment vehicles, such as employer-sponsored retirement plans (like 401(k) plans), individual retirement accounts (IRAs), pensions, and personal savings. The goal of retirement savings is to ensure that individuals have enough resources to maintain their desired standard of living after they cease working, considering factors like inflation, longevity, and healthcare costs. Effective retirement savings planning often involves starting early, consistently contributing, and making informed investment choices to grow these savings over time.
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