Meaning of the word "retirement plan" in English

What does "retirement plan" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

retirement plan

US /rɪˈtaɪər.mənt ˌplæn/
UK /rɪˈtaɪə.mənt plæn/
"retirement plan" picture

Noun

a scheme or arrangement for an employee to receive a regular income after they stop working, typically at a certain age

Example:
My company offers a generous retirement plan.
It's important to start saving for your retirement plan early.