Retirement benefits are financial provisions and services offered to individuals after they retire from their employment. These benefits are designed to provide financial security and support during the retirement years.

There are various types of retirement benefits, including pension plans, 401(k) plans, individual retirement accounts (IRAs), Social Security benefits, and employer-sponsored retirement plans. Each type has its own eligibility criteria, contribution limits, and payout options.

Pension plans are retirement plans sponsored by employers. Employees contribute a portion of their salary to the plan throughout their working years, and the employer may also make contributions on their behalf. The accumulated funds are then invested, and upon retirement, employees receive regular payments based on their years of service and salary.

A 401(k) plan is a retirement savings plan offered by employers. Employees can contribute a portion of their pre-tax salary to the plan, and some employers may also match a percentage of these contributions. The funds in the 401(k) account grow tax-deferred until retirement, and withdrawals are generally taxed at retirement age.

Individual retirement accounts (IRAs) are personal retirement savings accounts that individuals can set up outside of employer-sponsored plans. Contributions to IRAs can be made with pre-tax or after-tax dollars, depending on the type of IRA. The funds in an IRA grow tax-free or tax-deferred, and withdrawals are generally taxed at retirement age.

Social Security is a government program that provides retirement benefits to eligible individuals. Workers contribute a portion of their earnings to the Social Security system throughout their working years. The amount of benefits received is based on the individual’s earnings history and the age at which they start receiving benefits.

Employer-sponsored retirement plans are retirement savings plans set up by employers for their employees. These plans, such as 401(k)s and pension plans, allow employees to contribute a portion of their salary towards retirement. Employers may also offer matching contributions or other incentives to encourage retirement savings.