retirement savings account

Noun
  1. A plan for setting aside money to be spent after retirement (synset 105919849)
    is a type of: plan, program, programme - a series of steps to be carried out or goals to be accomplished
    subtypes:
    • 401-k, 401-k plan - a retirement savings plan that is funded by employee contributions and (often) matching contributions from the employer; contributions are made from your salary before taxes and the funds grow tax-free until they are withdrawn, at which point they can be converted into an IRA; funds can be transferred if you change employers and you can (to some extent) manage the investments yourself
    • individual retirement account, ira - a retirement plan that allows you to contribute a limited yearly sum toward your retirement; taxes on the interest earned in the account are deferred
    • keogh plan - a tax-deferred pension plan for employees of unincorporated businesses or for self-employed persons
    same as: pension account, pension plan, retirement account, retirement plan, retirement program, retirement savings plan

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