Retirement

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 * Index: Pension


 * Retirement is when you choose to stop working. It's often celebrated with a big party as you head off to the land of golf and lunch dates. People often work after retirement as consultants, substitute teachers or in short-term gigs that interest them or help pay the bills. It's a chance to continue to earn income, keep abreast of current thinking and stay active.
 * A pension, on the other hand, is a defined amount of money paid to you when you retire that you've earned by working for a specific amount of time. Your company or union bases the amount you receive in retirement on how long you’ve worked in a job, your compensation and other factors. When you start drawing your pension when you retire, you can typically take it as a lump sum or a monthly payment.