Retirement is the stage of life when a person stops working, usually after reaching a certain age or after completing many years of service. During retirement, individuals rely on savings, investments, pensions, or other sources of income to meet their living expenses.
Pension is a regular income paid to a retired person, typically by a government, employer, or pension fund. It is designed to provide financial security after retirement and may be funded through contributions made during a person's working years.
