A pension is a financial plan that provides individuals with regular payments after they retire from work. It is typically funded by contributions made during a person's working years, either by the individual, their employer, or both. The goal of a pension is to ensure that retirees have a stable income to support their living expenses. There are different types of pensions, including defined benefit plans, which guarantee a specific payout, and defined contribution plans, where the payout depends on investment performance. Many employers offer pensions as part of their employee benefits, helping workers save for their future and ensuring financial security in retirement.