A Retirement Plan is a financial strategy designed to help individuals save and invest money for their future when they stop working. It typically includes various accounts, such as 401(k) plans, IRAs, or pension funds, which allow people to set aside funds during their working years. The goal is to accumulate enough savings to maintain a comfortable lifestyle in retirement. These plans often come with tax advantages, encouraging individuals to contribute regularly. Employers may also offer matching contributions, enhancing the savings potential. Understanding the different types of retirement plans is essential for effective long-term financial planning.