Retirement Savings Plans are financial tools designed to help individuals save money for their retirement years. These plans often offer tax advantages, allowing contributions to grow tax-deferred until withdrawal. Common types include 401(k) plans, IRAs (Individual Retirement Accounts), and Roth IRAs, each with specific rules regarding contributions and withdrawals. Participants typically contribute a portion of their income, which can be matched by employers in some cases. The funds are invested in various assets, such as stocks and bonds, to potentially increase their value over time. Planning ahead with these savings plans can lead to greater financial security in retirement.