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retirement fund

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Word: Retirement Fund

Definition: A retirement fund is a special account where people save money during their working years, so they can have money to live on when they stop working (retire). It's like a savings plan for the future.

Usage Instructions: You can use "retirement fund" when talking about saving money for the time when you are no longer working. It is often used in conversations about finance, planning for the future, and job benefits.

Example Sentence: "I started putting money into my retirement fund to make sure I can enjoy my life after I retire."

Advanced Usage:
  1. Investment: Sometimes, the money in a retirement fund is invested in stocks or bonds to grow over time.
  2. Types of Retirement Funds: There are different types, such as 401(k) plans in the U.S. or IRAs (Individual Retirement Accounts).
  3. Employer Contributions: Some employers match the contributions their employees make to their retirement funds, which means they add extra money to help employees save more.
Word Variants:
  • Retirement (noun): The time when someone stops working, usually due to age.
  • Fund (noun): A sum of money saved or made available for a specific purpose.
Different Meanings:
  • Fund: In a different context, "fund" can refer to money collected for a specific cause, like a charity fund.
Synonyms:
  • Pension fund
  • Savings account for retirement
  • Superannuation (in some countries like Australia)
Idioms and Phrasal Verbs:

  • "Put money away": This means to save money for future use, similar to saving for a retirement fund.

    • Example: "I need to put money away for my retirement fund."

  • "Live off one's savings": This means to use the money you saved (like from a retirement fund) to pay for living expenses after you stop working.

Noun
  1. a monthly payment made to someone who is retired from work

Synonyms

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