A retirement plan typically consists of several key components aimed at providing financial security during retirement. These components often include employer-sponsored plans such as 401(k) or 403(b), individual retirement accounts (IRAs), pension plans, Social Security benefits, annuities, and personal savings. Employer-sponsored plans allow employees to contribute a portion of their salary to a tax-advantaged investment account, often with employer matching contributions. IRAs, on the other hand, are individual retirement accounts that offer tax advantages for retirement savings. Pension plans, which are becoming less common, provide a fixed sum to employees upon retirement based on their salary and years of service. Social Security benefits are a government-administered program that provides financial support to retirees. Annuities are financial products that provide a stream of payments in exchange for a lump sum investment. Personal savings, including investments in stocks, bonds, and other assets, also play a crucial role in a comprehensive retirement plan. It's important to consider these components and develop a well-rounded retirement plan to ensure financial stability during the retirement years.