A taxes-paid pension refers to a retirement fund or income stream that is funded through contributions made by individuals and/or employers, often with tax benefits.
Related terms
Social Security: A federal program providing social insurance and pensions funded by payroll taxes on current workers.
Defined Benefit Plan: An employer-sponsored retirement plan where employees are guaranteed specific benefits based on factors such as salary history and years of service.
Individual Retirement Account (IRA): A personal retirement savings account that offers tax advantages for individuals who contribute towards their future retirement needs.