A comprehensive overview of Retirement Savings Plans (RSP), including their types, historical context, key events, importance, applicability, related terms, and more.
A comprehensive guide to understanding a Rollover IRA, including its definition, types, applicability, and comparison to other retirement accounts.
A detailed look into Registered Pension Plans (RPP), their types, historical context, importance, applicability, and more.
An RRSP (Registered Retirement Savings Plan) is a retirement savings plan registered with the Canadian government that offers tax advantages for retirement savings.
Detailed comparison and analysis of Registered Retirement Savings Plans (RRSPs) and Locked-In Retirement Accounts (LIRAs), two major Canadian retirement savings vehicles.
A comprehensive exploration of the State Second Pension (S2P), covering historical context, categories, key events, detailed explanations, and its importance in social security.
A retirement plan specifically designed for individuals who own and operate their businesses, offering various options to save for retirement.
The Self-Employment Individuals Retirement Act, commonly referred to as the Keogh Plan, is a significant provision in U.S. retirement law enabling self-employed individuals and small business owners to create tax-deferred retirement accounts.
Rental apartments designated for seniors, usually without the extensive amenities found in Assisted Living and Continuing Care communities.
A retirement plan that allows employers to make contributions to employees' IRAs. Dive into the features, benefits, and regulatory aspects of SEP-IRA plans.
Comprehensive exploration of Social Security Benefits, their types, eligibility, historical context, and importance in the social welfare system.
A Solo 401(k) is a retirement plan designed specifically for self-employed individuals or small business owners with no employees.
A detailed exploration of Stakeholder Pension, its types, benefits, regulations, and relevance in modern finance.
An in-depth look at Stakeholder Pension Schemes in the UK, their features, historical context, key events, regulations, and more.
The State Earnings Related Pension Scheme (SERPS), also known as the State Second Pension (S2P), is a government program in the UK designed to provide additional pension income based on an individual's earnings over their working life.
State Pension is a regular payment from the government to individuals of retirement age, providing financial support in their later years.
State Pension Age defines the age at which an individual becomes eligible to commence receiving the State Pension, taking into account factors such as the number of years National Insurance Contributions (NICs) have been paid.
A comprehensive overview of the State Second Pension (SSP, S2P), its historical context, features, and significance in the UK pension system.
A detailed examination of Supplemental Employee Retirement Plans (SERPs), their benefits, structure, and implications in corporate and retirement planning.
A Systematic Withdrawal Plan (SWP) allows investors to withdraw a predetermined amount from their investment at regular intervals, offering flexibility in both withdrawal amounts and intervals.
An under-funded pension scheme is one where the accumulated funds are insufficient to meet the actuarially expected costs of pensions payable. It depends on demographic forecasts and financial yield forecasts.
An in-depth exploration of the unfunded pension system, also known as the pay-as-you-go pension system, including historical context, types, key events, and detailed explanations.
Vestment refers to the ownership rights an employee acquires in employer contributions over time, commonly used in the context of retirement plans.
A detailed guide on Workplace Pensions, including historical context, types, importance, and examples.
Year’s Maximum Pensionable Earnings (YMPE) is a critical financial metric that sets the annual limit on earnings subject to pension contributions in Canada. It affects the contributions to the Canada Pension Plan (CPP) and other pension schemes.
A 401(k) plan is a company-sponsored retirement savings plan that allows employees to contribute a portion of their earnings pretax, with taxes applied at withdrawal. It includes investment options like stocks, bonds, and money market instruments.
A 401(k) Plan is a retirement savings plan that allows employees to contribute pretax earnings to an individual investment account, which is later taxed upon withdrawal.
An in-depth exploration of advance funded pension plans, detailing their mechanisms, types, benefits, and implications for employees and employers.
An annuitant is an individual who receives the benefits of an annuity, a financial product that guarantees a series of payments for life or a specified period.
Annuity Due is a type of annuity where payments are made at the beginning of each period. Explore its definition, mathematical formulas, types, and more.
Annuity Income provides regular payments derived from an annuity investment, offering financial stability and predictability for individuals in retirement or other financial planning scenarios.
Attrition refers to the normal and uncontrollable reduction of a workforce due to retirement, death, sickness, and relocation. It serves as a method for downsizing without overt management action, but can lead to unpredictable reductions and organizational gaps.
An arrangement under which employees can tailor their own benefit structure based on individual preferences, such as healthcare or retirement benefits.
Detailed exploration of Cash or Deferred Arrangement (CODA), commonly referred to as 401(k) plans in the United States, including types, benefits, historical context, and related terms.
Catch-Up Contributions are supplemental, tax-deferred contributions permitted for individuals and employees aged 50 or older to IRAs and other qualified plans, aimed at enhancing retirement savings.
Compulsory retirement, also known as mandatory retirement, refers to the enforcement of an employee's resignation at a specified age, traditionally around 65 years. Federal legislation as of January 1, 1979, prohibits such policies in the private sector.
A comprehensive overview of Contributory Pension Plans, where both employees and employers contribute towards the employee's retirement fund.
Deferred retirement occurs when an individual continues working beyond the normal retirement age, typically 65 or 70, without increasing their monthly retirement income.
A comprehensive overview of Defined-Benefit Pension Plans, focusing on their structure, formula, contributions, tax implications, and more.
The Employee Retirement Income Security Act (ERISA) of 1974 established guidelines for managing private pension funds, eased pension eligibility rules, and created the Pension Benefit Guaranty Corporation (PBGC) to protect beneficiaries.
A fixed annuity is an investment contract sold by an insurance company that guarantees fixed payments to an annuitant either for life or for a specified period.
Fixed Benefits refer to a payment made to a beneficiary that remains constant and does not vary over time. An example includes a fixed monthly retirement income benefit, such as $800 paid to a retired employee.
An in-depth exploration of Full Retirement Age, its significance in retirement planning, and its impact on Social Security benefits.
Understanding the Full Retirement Age (FRA) is crucial for Social Security beneficiaries to optimize their retirement benefits. This entry examines the age requirements, historical context, and impacts on benefits.
A funded retirement plan refers to a pension plan where the funds are set aside and invested to ensure the payment of future benefits to the retirees.
Overview of the General Retirement System, focusing on pension, annuity, and retirement funds established by states or political subdivisions for their employees.
Comprehensive entry covering the concept of a Golden Handshake, including its definition, types of incentives, historical context, and applicability in various sectors.
A comprehensive overview of hybrid pension plans, their structure, types, examples, historical context, and applicability in modern financial planning.
The IRA rollover provision allows individuals receiving lump-sum payments from their employer's pension or profit-sharing plan to transfer these funds into an IRA investment plan within 60 days, tax-free. However, if funds aren't transferred directly to an eligible plan, 20% of the distribution is withheld by the payor.
An Individual Retirement Account (IRA) is a tax-advantaged investing tool that individuals use to earmark funds for retirement savings.
A Joint and Survivor Annuity makes payments to two or more beneficiaries, usually a couple, such that the surviving beneficiary continues to receive payments after the other person's death. Payments made to the deceased party cease.
A Keogh Plan, also known as an H.R. 10 Plan, is a retirement savings plan for self-employed individuals and unincorporated businesses. Understand the types, benefits, and special considerations.
A life annuity provides guaranteed fixed payments for the rest of the annuitant's life. Once the annuitant dies, no further payments are made to beneficiaries.
An overview of mandatory retirement, its legal framework, historical context, and implications for the workforce.
An in-depth analysis of noncontributory qualified pension or profit-sharing plans, focusing on benefits, types, historical context, and applicability.
Learn about the normal retirement age, the earliest age at which an employee can retire without a penalty reduction in pension benefits after meeting specific criteria.
Detailed overview of past service benefits, explaining how private pension plans credit employees for their service prior to the establishment of the pension plan. Learn the essentials, special considerations, examples, historical context, and related terms.
Comprehensive guide on Past Service Liability focusing on funding employee pension benefits for prior service. Insightful discussion on cost implications and future benefit financing.
An in-depth look at PBGC guaranteed benefits, explaining their importance, limitations, and the protection they provide to retirees.
The Pension Benefit Guaranty Corporation (PBGC) is a pivotal federal organization established under the Employee Retirement Income Security Act (ERISA) to guarantee basic pension benefits, manage terminated plans, and secure corporate asset liens for unfunded pension liabilities. This entry delves into its operations, funding, and coverage conditions.
A comprehensive guide to Pension Freeze, detailing its types, implications, and related terms.
An in-depth look at pension plans, their types, features, historical context, applicability, and related terms.
A detailed overview of Group Deposit Administration Annuity in Pension Plan Funding, exploring its structure, benefits, and operational mechanics.
Congressional pension reform legislation designed to encourage individual retirement savings and enforce stricter regulation on employer-funded plans, also affecting charitable contributions, long-term care, college savings plans, and assistance for employees with 403(b) and 401(k) plans.
A detailed examination of Prior Service Cost, the amount contributed for employee benefits under a pension plan for employment before a specified date.
An in-depth look at the concept of retirement, detailing its significance, historical context, types, and implications across various domains, including economics, finance, and social sciences.
Retirement is the act of leaving active employment permanently, where income for the remaining years of life is provided through Social Security, pensions, and savings.
Detailed overview of Retirement Funds, regulated by the Employee Retirement Income Security Act (ERISA) of 1974, and their impact on the stock market.
A comprehensive guide to understanding Retirement Income, including sources such as Social Security benefits and pensions.
A retirement plan is a financial arrangement designed to replace employment income upon retirement, offering tax advantages such as deductions for employers and deferred recognition of income for employees or self-employed individuals.
A comprehensive guide to understanding retirement systems, their types, historical context, and significance in financial planning.
A Self-Directed IRA (Individual Retirement Account) allows investors to actively manage and diversify their retirement holdings beyond traditional stocks, bonds, and mutual funds.
A SEP-IRA (Simplified Employee Pension Plan) is a retirement savings plan that offers tax advantages for business owners and self-employed individuals.
A Simplified Employee Pension Plan (SEP) is a retirement plan that provides business owners with a simplified method to contribute toward their employees’ retirement and their own retirement savings.
An in-depth look at the Simplified Employee Pension Plan (SEP-IRA), a retirement plan specifically designed for self-employed individuals and small business owners.
The Social Security Act, enacted by Congress in 1935, established a federal retirement plan requiring current workers to support retired workers. This act was a response to old-age dependency exacerbated by The Great Depression.
An in-depth explanation of Social Security Credits, how they are earned, their historical context, and their implications for Social Security benefits.
A Stretch IRA is an Individual Retirement Account (IRA) set up in a way that extends the period of tax-deferred earnings beyond the lifetime of the owner.
Vesting refers to the process by which an employee becomes entitled to retirement benefits or pension after a certain period of employment, even if the employee resigns afterward.
An in-depth examination of vesting, the process by which a pension plan participant becomes entitled to receive full or reduced benefits based on service duration, including historical context and rules effective January 1, 1989.
An in-depth exploration of the 4% rule for retirement withdrawals, providing a sustainable strategy to regularly withdraw from retirement funds without depleting resources.
A comprehensive guide to understanding 401(a) plans, including their structure, contribution limits, withdrawal rules, and other important details for employees and employers.
A comprehensive guide to 401(k) plans, covering their types, benefits, and how they function as tax-advantaged retirement accounts.
An in-depth look at the 408(k) Plan, explaining its structure, functionality, and how it compares to the more well-known 401(k) retirement plan.
An in-depth exploration of the accumulation phase in the context of annuities. Learn about its definition, how it works, key examples, and its importance in financial planning.
A comprehensive guide to understanding Buy-Sell Agreements, their definitions, types, key considerations, historical context, and applicability in business continuity planning.
An in-depth guide to deferred compensation, explaining how it works, its benefits, its implications on taxation, and how it can be a strategic component of retirement planning.
Explore the essential features of Defined Contribution Plans, including how they operate, their benefits, and their significance in retirement planning.
A comprehensive guide to IRS Publication 590-B, covering the tax implications of withdrawing money from an individual retirement account (IRA) before or after retirement.
Understand what a KSOP is, how it operates combining ESOP with 401(k), and explore alternative retirement plan options for employees.
A comprehensive guide to Life Income Funds (LIFs) in Canada, covering their definition, how withdrawals work, and essential information for retirees.
An in-depth exploration of the Life-Cycle Hypothesis (LCH), an economic theory that explains individuals' spending and saving patterns throughout their life. This entry delves into its components, effects, and significance.
Comprehensive guide to Locked-in Retirement Accounts (LIRA) in Canada, covering definition, mechanics, regulations, transfer rules, and frequently asked questions.
Learn about the concept of a nest egg, its significance in financial planning, and effective strategies for investing to build a substantial financial reserve.
Explore the detailed definition, workings, and the four major types of non-qualified plans in this comprehensive guide. Understand how these tax-deferred, employer-sponsored retirement plans operate outside of ERISA guidelines.
An in-depth guide to the Old-Age, Survivors, and Disability Insurance (OASDI) program, also known as Social Security in the United States. Learn about its benefits, eligibility, historical context, and impact on American society.
An in-depth exploration of Other Post-Employment Benefits (OPEB), highlighting their definition, various types, examples, historical context, and frequently asked questions.
A detailed exploration of Qualified Joint and Survivor Annuities (QJSAs), including definitions, different types, key examples, and important considerations for annuitants and their beneficiaries.
A comprehensive guide on qualifying annuities, how they function, and their approval by the IRS for use within Qualified Retirement Plans or IRAs.
A comprehensive guide to the replacement rate, detailing its significance, calculation, and impact on retirement income.
