A retirement plan is a financial strategy that individuals and families develop to save for their future expenses after they stop working. The goal of such a plan is to ensure that an individual has enough money saved up to maintain their standard of living during their retirement years, typically when they are no longer earning income from employment. Retirement plans can include various investments and savings vehicles, such as 401(k)s, IRAs, or pensions, which allow individuals to save for the long-term while also benefiting from tax advantages and potential growth of their invested funds over time. The specific details of a retirement plan will vary depending on an individual's personal circumstances, goals, and risk tolerance, but the overall goal is to ensure financial security during one's later years.