Search
Previous Menu
Retirement
The state of exiting the workforce, usually at the end of one's career, and living on savings or pension.
More Details
Retirement is the period of time in which a person stops working and begins to receive retirement benefits, such as a pension or Social Security. Retirement is typically associated with reaching a certain age, although it can also be triggered by other events, such as becoming disabled or reaching a certain number of years of service in a particular job.
Example
Imagine that you have been working for many years and are now ready to retire.
You might have saved money in a retirement account, such as a 401(k) or IRA, in order to have a financial cushion when you stop working. When you retire, you will likely stop receiving a regular paycheck and will instead start to receive retirement benefits from your employer or the government. You may also be eligible for Medicare, which is a government-run health insurance program for people over the age of 65.
Ready to Own the Home of Your Dreams?
Join now to get access to the competitive rates, member-friendly loan products, and educational resources you need to secure an exceptional financial future.
