Retirement funds are savings plans designed to help individuals accumulate money for their retirement years. These funds can come from various sources, including employer-sponsored plans like 401(k)s, individual retirement accounts (IRAs), and personal savings. The money in these funds is typically invested in stocks, bonds, or mutual funds to grow over time. When individuals retire, they can withdraw money from their retirement funds to cover living expenses. The goal is to ensure financial stability during retirement when regular income from employment may no longer be available. Proper management of these funds is crucial for a secure retirement.