| / English Dictionary |
PENSION ACCOUNT
| Pronunciation (US): |  | (GB): | |
I. (noun)
Sense 1
Meaning:
A plan for setting aside money to be spent after retirement
Synonyms:
pension account; pension plan; retirement account; retirement plan; retirement program; retirement savings account; retirement savings plan
Classified under:
Nouns denoting cognitive processes and contents
Hypernyms ("pension account" is a kind of...):
plan; program; programme (a series of steps to be carried out or goals to be accomplished)
Hyponyms (each of the following is a kind of "pension account"):
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from the employer; contributions are made from your salary before taxes and the funds grow tax-free until they are withdrawn, at which point they can be converted into an IRA; funds can be transferred if you change employers and you can (to some extent) manage the investments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)
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