Pension

A pension (also known as superannuation) is a retirement plan intended to provide a person with a secure income for life. Although a lottery may provide a pension, the common use of the term is to describe the payments a person receives upon retirement.

Public Pensions

In addition to the Old Age Survivors Disability Insurance system, otherwise known as Social Security, state and local governments provide pensions for their employees. Also federal employees have the program.

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