Retirement benefits are a cash annuity, medical insurance, or other subsidy received once a person ends their working life or once they reach a certain age. Retirement benefits are often provided by the Social Security Administration to persons of retirement age (which varies depending on the year you were born) who have accumulated sufficient work credits to be eligible. Retirement benefits may also be provided by an individual's private pension or other qualified plan (e.g. 401k).
[Last updated in April of 2021 by the Wex Definitions Team]