Pension is a term used to describe a regular payment made by an individual or organization to support someone who is retired. The payments are typically made from funds set aside specifically for this purpose, such as pension plans or annuities. Pensions can also refer to the income that individuals receive upon retirement from their employer-sponsored retirement savings plan, such as a 401(k) or IRA. In some countries, pensions are provided by the government for people who meet certain criteria, such as age or disability.