RETIREMENT PROGRAM Meaning and
Definition
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A retirement program refers to a comprehensive system established by an organization or government, aimed at providing financial support and security to individuals who have completed their active employment period and have reached a predetermined age or fulfill certain criteria, necessitating their withdrawal from the workforce. Such a program typically assists retirees in meeting their financial needs during their post-work years.
There are various types of retirement programs available, ranging from employer-sponsored plans to government-run schemes. Employer-sponsored programs, commonly known as employer-sponsored retirement plans, are created by companies or organizations to provide retirement benefits to their employees. These plans include options such as 401(k) plans or pension plans, which facilitate the accumulation of funds that can be withdrawn upon retirement.
Government-run retirement programs, on the other hand, are established and regulated by governmental authorities and aim to assist individuals who lack access to employer-sponsored plans. Examples of government-run retirement programs include Social Security in the United States or the National Pension Scheme in India.
Retirement programs typically involve contribution and investment mechanisms, allowing retirees to accumulate funds during their working years to ensure a steady income stream after retirement. The benefit structure and eligibility criteria of retirement programs may vary based on factors like age, years of service, income level, or participation requirements.
In summary, a retirement program encompasses a system put in place by organizations or governments to aid individuals in securing their financial needs after ceasing employment, typically involving various contribution and investment mechanisms to guarantee a stable income during retirement.
Common Misspellings for RETIREMENT PROGRAM
- eetirement program
- detirement program
- fetirement program
- tetirement program
- 5etirement program
- 4etirement program
- rwtirement program
- rstirement program
- rdtirement program
- rrtirement program
- r4tirement program
- r3tirement program
- rerirement program
- refirement program
- regirement program
- reyirement program
- re6irement program
- re5irement program
- returement program
Etymology of RETIREMENT PROGRAM
The etymology of the word "retirement program" can be understood by looking at the origins of its individual components:
1. Retirement: The word "retirement" comes from the Old French term "retirer", which means "to withdraw or retreat". It originated from the Latin word "retirare", which has the same meaning. Over time, the word "retirement" came to denote the act of withdrawing from work or active service, particularly as people reach a certain age or stage in their careers.
2. Program: The word "program" originated from the Greek term "programma", meaning "written public notice or proclamation". It was derived from the Greek verb "programmein", which means "to proclaim or announce publicly". In modern usage, a program refers to a carefully planned series of activities or steps designed to achieve a particular goal, which in this case is the provision of a retirement plan.
Similar spelling words for RETIREMENT PROGRAM
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