Retirement Planning

noun a fixed sum of money paid to someone each year, typically for the rest of their life

• An annuity is a financial product that provides a series of payments over a predetermined period of time.
• My grandparents receive an annuity every month from their retirement fund.
• I heard that investing in annuities is a smart move for long-term financial stability.
• The steady stream of income from the annuity acted as a safety net during tough times.

noun a substance used to enhance flavor or preserve food

adverb in a secretive or hidden manner

• He decided to salt away a portion of his salary each month for retirement.
• She's been salting away money in her piggy bank for a rainy day.
• I always salt away some cash in my sock drawer for emergencies.
• It's important to salt away memories of happy times to cherish in the future.

noun a period of personal turmoil and self-reflection that occurs later in life, similar to a midlife crisis

• Many people experience a late-life crisis as they approach retirement age.
• My dad is going through a late-life crisis and keeps buying sports cars.
• I think my aunt is having a midlife crisis, or maybe it's a late-life crisis.
• The company went through a late-life crisis when they had to downsize and restructure.