Please select the word from the list that best fits the definition:

This is one way that people can put back money to pay expenses in their later years.

Saving for old age is crucial for ensuring financial security in retirement. Individuals have various options such as saving accounts, investments in stocks, bonds, and annuities, and employer-sponsored retirement accounts like 401(k)s. The concept of compounding interest plays a significant role in growing retirement savings over time by earning interest on both the initial investment and the accumulated interest.

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Please select the word from the list that best fits the definition:This is one way that people can put back money to pay expenses in their later years.

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Please select the word from the list that best fits the definition:

This is one way that people can put back money to pay expenses in their later years.