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Retirement Planning

Home Equity

As a knowledgeable professor in the field of finance, it is important to understand the concept of home equity. This refers to the value of your home after subtracting all debts, such as your mortgage, home equity loan, and home equity line of credit. As you near retirement, your home equity can become a significant financial asset, especially if you are open to selling your home and downsizing to a more affordable property.

Defined Benefit Plan Definition

A defined benefit plan, also known as a traditional pension plan, is a retirement plan where the employer guarantees a specific annual income for the employee based on vario...

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Early Retirement Penalty

other exemption A key concept in the realm of finance is the early distribution penalty, which is a 10% tax that must be paid when withdrawing funds from a retirement plan,...

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Required Beginning Date (RBD)

An important aspect of Individual Retirement Accounts (IRAs) is the Required Minimum Distribution (RMD). This refers to the deadline for IRA owners to withdraw a certain amo...

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Earned Income

Income is a crucial concept in the world of finance. It refers to the financial return one receives for their physical or mental efforts and activities. This encompasses bot...

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