Meaning of the word "next year" in English

What does "next year" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

next year

US /ˈnɛkst jɪr/
UK /ˈnɛkst jɪər/

Phrase

the year following the current one

Example:
We are planning a trip to Europe next year.
My contract expires next year.