👉 Pensionless refers to a type of retirement plan in which an individual's income is taxed at a rate that does not depend on their earnings. This means that while the amount of money you receive from your employer is tax-deductible, any unused funds are taxed as ordinary income. In other words, if you have a pension plan with a low-income contribution limit, and you contribute less than this limit to your retirement account, you will pay taxes on the excess amount. This can be seen
