Word | Noun | Adjective | Verb | Adverb |
---|---|---|---|---|
401-k | Yes | No | No | No |
pension account | Yes | No | No | No |
401-k (noun) | pension account (noun) |
---|---|
a retirement savings plan that is funded by employee contributions and (often) matching contributions from the employer; contributions are made from your salary before taxes and the funds grow tax-free until they are withdrawn, at which point they can be converted into an IRA; funds can be transferred if you change employers and you can (to some extent) manage the investments yourself | a plan for setting aside money to be spent after retirement |