retirement savings
Retirement savings refers to the money you set aside during your working years to support yourself when you stop working. This is often done through special accounts like 401(k)s or IRAs, which may offer tax advantages. The goal is to accumulate enough funds to cover living expenses, healthcare, and leisure activities once you retire. It's important to start saving early, as investments can grow over time due to interest and compounding. Planning for retirement helps ensure financial security and independence in your later years, allowing you to enjoy life without financial stress.
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Retirement savings refers to the money individuals set aside during their working years to support themselves after they stop working. This savings can come from various sources, including employer-sponsored plans like 401(k)s, individual retirement accounts (IRAs), and personal savings. The goal is to build a sufficient financial cushion to maintain one's lifestyle when income from employment ceases. It's essential to start saving early and regularly, as investments can grow over time, thanks to compound interest. Proper planning ensures that individuals can enjoy a secure and comfortable retirement without financial stress.