Definitions for "Retirement Savings Account"
A special type of superannuation product generally provided by banks which is not required to have a trustee. See section 8 of the Retirement Savings Accounts Act 1997
A superannuation account maintained solely for retirement income purposes. RSA's are portable, owned and controlled by the member and capital guaranteed. The balance of the account cannot be reduced by the crediting of any negative interest or earnings or reduced by changes in the market value of assets but may be reduced by fees and charges. A RSA is usually offered by banks, building societies, credit unions and life insurance companies.
A capital guaranteed, low fee, portable retirement savings product provided by banks, credit unions, building societies, and life insurance companies. Widely regarded as inappropriate for long-term superannuation savings.
Keywords:  spent, plan, money, setting
a plan for setting aside money to be spent after retirement