Retirement Savings Account

A Retirement Savings Account (RSA) is a financial account that allows individuals to save money specifically for their retirement years. Contributions to these accounts often receive tax benefits, either through tax deferral or exemptions, encouraging long-term savings. The funds grow over time through interest, dividends, or capital gains, and are typically accessible upon reaching a certain age or retirement. Common types include 401(k)s and IRAs. The main goal is to build a financial cushion to ensure a comfortable, secure retirement, reducing dependency on state support or other sources.