IRA, Individual Retirement Account = savings plan that offers tax benefits. 401K = employer sponsored plan that allows a person to save while employed. In other words, you may have a special savings account specifically for retirement. According to: "wordnetweb.princeton.edu" Social Security includes old-age/survivors insurance, with unemployment insurance and old-age assistance. After all, everyone want to relax and know that they have money to live on in the later years. If you plan ahead and save now, there's a better chance you could have an easy retirement.
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