A retirement plan refers to a pension that is granted to an employee upon his/her retirement. It is an arrangement set up by both employer and employee to ensure that the employee gets the benefit of regular income in the form of pension when he/she is no longer earning. Mostly, both the parties are required to contribute an amount to a dedicated fund during their working period to reap the benefits after the scheduled retirement.

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A retirement plan is a fund in which you set aside a specific amount of money on a monthly, quarterly, or yearly basis for your retirement years. The calculation of retirement benefits depends on the nature of the plan—whether you will receive a lump sum amount at the end of your retirement or a monthly annuity according to your life expectancy predicted by the actuary. Most retirement plans offer investment options in several secured funds, where the investor will bear the risk of profit or loss.

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