What is "retirement savings account"

n. a plan for setting aside money to be spent after retirement [syn: pension plan, pension account, retirement plan, retirement savings plan, retirement account, retirement program]

A retirement savings account is a type of retirement plan account that is envisioned to replace all three different types of individual retirement accounts that are currently used in the United States: traditional IRA, Roth IRA and Simple IRA. Contributions would be made on an after-tax basis. This is a major part of what the George W. Bush Administration's called the ownership society.