retirement provision
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retirement provision
All measures a person takes during their working life in order to be financially secure in old age. This can include the state pension, occupational pension schemes, and private savings plans.
Es ist wichtig, sich frühzeitig um die private Altersvorsorge zu kümmern.
It is important to take care of private retirement provision early on.
The word is made up of 'Alter' (old age), the linking -s, and 'Vorsorge' (provision / precaution). 'Vorsorge' itself means taking care of something in advance. So 'Altersvorsorge' (retirement provision) is literally provision for old age.
Eine gute Altersvorsorge gibt Sicherheit für die Zukunft.
Good retirement provision provides security for the future.
This noun is often used with certain verbs. Typical combinations are 'sich um die Altersvorsorge kümmern' (to take care of retirement provision), 'für die Altersvorsorge sparen' (to save for retirement provision), or 'eine Altersvorsorge abschließen' (to take out a retirement plan).
Viele junge Leute fangen früh an, für ihre Altersvorsorge zu sparen.
Many young people start saving for their retirement provision early.
In the context of retirement provision, the adjectives 'staatlich' (state), 'betrieblich' (occupational), and 'privat' (private) are often used to describe the three main sources of financial security in old age.
Neben der staatlichen Rente wird die betriebliche Altersvorsorge immer wichtiger.
In addition to the state pension, occupational retirement provision is becoming increasingly important.
pension insurance
“Die Altersvorsorge” refers generally to all measures taken to ensure financial security in old age. “Die Rentenversicherung,” by contrast, is a specific type of insurance within this provision, either statutory or private. Use “Altersvorsorge” for the overall concept and “Rentenversicherung” when this specific type of insurance is meant.
Für ihre Altersvorsorge spart sie jeden Monat und verlässt sich nicht nur auf die staatliche Rente.
She saves money every month for her retirement and does not rely solely on the state pension.
Für ihre Altersvorsorge zahlt sie jeden Monat in eine private Rentenversicherung ein.
She pays into a private pension insurance plan every month as part of her retirement provision.
