retirement provision
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retirement provision
All financial benefits and arrangements that serve to secure a person's livelihood in retirement. This includes the statutory pension as well as private or company pension provision.
Neben der gesetzlichen Rente ist eine private Altersversorgung heutzutage sehr wichtig.
Besides the statutory pension, private retirement provision is very important nowadays.
The word is made up of three parts: 'Alter' (old age), the linking '-s-', and 'Versorgung' (provision/care). So it literally means provision or financial security for old age.
Jeder sollte sich frühzeitig Gedanken über seine Altersversorgung machen.
Everyone should think about their retirement provision early on.
Common verbs used with this noun are 'sich um die Altersversorgung kümmern' (to take care of retirement provision), 'eine Altersversorgung aufbauen' (to build up retirement provision), or 'die Altersversorgung sichern' (to secure retirement provision).
Er hat eine betriebliche Altersversorgung abgeschlossen, um seine Rente aufzubessern.
He took out a company pension plan to top up his pension.
'Altersversorgung' (retirement provision) is a formal term mainly used in the areas of finance, insurance, law, and politics.
Die Regierung diskutiert über eine Reform der gesetzlichen Altersversorgung.
The government is discussing a reform of the statutory retirement provision system.
pension
'die Rente' and 'die Altersversorgung' both talk about money in retirement. 'Die Rente' is a specific regular payment, for example from the statutory pension insurance system or from private retirement provision. 'Die Altersversorgung' is broader: it includes all benefits and plans that provide financial support in old age, including private or company pension provision. Learners can confuse the words because a pension is an important part of retirement provision. When it is about the monthly amount, 'Rente' fits better. When it is about the whole financial system for old age, 'Altersversorgung' is more precise.
Bei der Beratung spricht der Experte über gesetzliche und private Altersversorgung.
During the consultation, the expert talks about statutory and private retirement provision.
Meine Mutter prüft jedes Jahr, wie hoch ihre Rente später sein wird.
My mother checks every year how much her pension will be later.