Retirement Savings Plan

A Retirement Savings Plan is a financial arrangement designed to help individuals set aside money over their working years so they can have income when they stop working. Contributions are often made regularly, sometimes with tax advantages, and the accumulated funds grow over time through investments. The goal is to ensure financial security and a comfortable lifestyle during retirement. Common types include employer-sponsored plans like 401(k)s and personal accounts like IRAs. Starting early and contributing consistently can significantly enhance future retirement readiness.