Pension programs are financial plans designed to provide individuals with income after they retire from work. These programs can be offered by employers, governments, or private organizations, and they typically require regular contributions during a person's working years. The funds accumulated are then paid out as a monthly benefit once the individual reaches retirement age. There are different types of pension programs, including defined benefit plans, which guarantee a specific payout, and defined contribution plans, where the payout depends on the amount contributed and investment performance. Understanding these options can help individuals plan for a secure financial future in retirement.