Most employees, upon reaching retirement age, anticipate such time when they can totally relax while still enjoying financial security. That’s why even at the very beginning of their employment, they are already looking far into the future about the kind of retirement benefits they might possibly get.
There are formal contracts to provide retirement benefits for employees upon reaching retirement age. They are called retirement plans. Some retirement plans can be set up by the employee themselves while some are sponsored by their employer.
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Retirement Plans - Financial Security Upon Retirement
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retirement benefits