Savings refer to money you put aside for future use rather than spending it immediately. In addition to the benefits of saving up for future purchases, delaying an impulse purchase also helps you decide whether it is something you really need, or a waste of money you will regret shortly after buying.

Severance pay refers to payments made by an employer when employees are laid off or accept voluntary early retirement. Usually, you won’t receive severance pay if you quit or are fired for cause, but there are exceptions.

“Vesting” refers to the process by which you become the owner of the employer contributions to your retirement plan.