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
'die Rente' and 'die Altersvorsorge' both belong to the topic of money in old age. 'die Rente' is usually the money you receive regularly after your working life, or the stage of life when you no longer work. 'die Altersvorsorge' means preparing for that: you save, pay contributions, or take out contracts so that you have enough money later. Learners may confuse the words because both have to do with life after work. The simple difference is: you do Altersvorsorge beforehand; you receive Rente later.
Nach der Arbeit spricht Paul mit einer Beraterin über seine Altersvorsorge.
After work, Paul talks with an advisor about his retirement provision.
Meine Nachbarin bekommt seit Januar ihre Rente.
My neighbor has been receiving her pension since January.