Rente - Ruhestand - Altersversorgung - Altersrente - Ruhegehalt - Altersvorsorge - Rentenbezug - Altersruhegeld
A pension is a regular payment made to an individual, typically after retirement, as an income replacement for wages earned during working life. It is usually funded by contributions from the employee, the employer, or both, over a period of time. Pension arrangements can be public or private and may be defined benefit, where the payout is predetermined by a formula, or defined contribution, where the payout depends on investment performance. Pensions are designed to provide financial security in old age, helping cover living expenses when regular employment income ceases.