Final answer:
A pension is a retirement plan that pays a fixed pension benefit based on earnings and years of service.
Explanation:
Pension: When your job keeps paying you a portion of your salary after you retire, it is called a pension. Pensions are retirement plans where retirees receive a fixed pension benefit based on their earnings and years of service. Unlike 401(k)s or IRAs, pensions provide a guaranteed monthly income in retirement.
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