A Retirement Savings Account is a financial account designed to help individuals save money for their retirement. These accounts often offer tax advantages, allowing contributions to grow tax-deferred until withdrawal. Common types include 401(k) plans and Individual Retirement Accounts (IRAs). Contributions to a retirement savings account can come from both employees and employers, depending on the account type. The funds in these accounts are typically invested in various assets, such as stocks and bonds, to help grow the savings over time. Access to the money is usually restricted until the account holder reaches a certain age, often 59½.