Retirement savings refer to the money set aside to support individuals after they stop working. This savings can come from various sources, including personal savings accounts, employer-sponsored plans like 401(k)s, and individual retirement accounts, known as IRAs. The goal is to accumulate enough funds to maintain a comfortable lifestyle during retirement years when regular income from employment ceases. To effectively build retirement savings, individuals are encouraged to start early and contribute regularly. Many financial experts recommend saving a percentage of income, often suggesting at least 10-15%. Additionally, taking advantage of employer matches in retirement plans can significantly boost savings over time, helping to ensure financial security in later years.