Retirement Planning Vocabulary

noun a regular payment made during a person's retirement from an investment fund to which that person or their employer has contributed during their working life

• Many people rely on their pension as their primary source of income during retirement.
• My dad just started collecting his pension after working for the same company for 30 years.
• I can't wait to kick back and start cashing in on my pension.
• Saving money now is like investing in your future pension.

noun a term used to describe the economic impact of the aging population, particularly in terms of consumer behavior and spending habits

• The silver economy refers to the economic activity generated by the elderly population.
• The silver economy is all about older folks making money and spending it.
• The silver economy is where the oldies hustle and flow.
• Like a shining silver coin, the silver economy represents the wealth and spending power of the elderly.

noun a person who compiles and analyzes statistics and uses them to calculate insurance risks and premiums

• Actuaries play a crucial role in assessing and managing financial risks for insurance companies.
• My cousin is studying to become an actuary and he says it's a challenging but rewarding career.
• Actuaries are like math wizards who work their magic with numbers to predict future outcomes.
• Actuaries are the architects of financial security, building strong foundations for businesses to thrive.